Leatherback Long/Short Alternative Yield ETF | ||||||||
Schedule of Investments | ||||||||
as of May 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 109.9% | Shares | Value | ||||||
Aerospace & Defense - 3.9% | ||||||||
L3Harris Technologies, Inc.(a) | 7,725 | $ | 1,736,812 | |||||
Agriculture - 5.3% | ||||||||
Bunge Global SA(a) | 21,714 | 2,336,209 | ||||||
Beverages - 5.5% | ||||||||
Coca-Cola Co.(a) | 19,086 | 1,201,082 | ||||||
Keurig Dr Pepper, Inc.(a)(b) | 35,661 | 1,221,389 | ||||||
2,422,471 | ||||||||
Building Materials - 2.9% | ||||||||
Carrier Global Corp.(a) | 20,203 | 1,276,628 | ||||||
Chemicals - 5.9% | ||||||||
Air Products and Chemicals, Inc.(a) | 6,753 | 1,801,025 | ||||||
Nutrien Ltd.(a)(b) | 13,832 | 810,694 | ||||||
2,611,719 | ||||||||
Commercial Services - 2.4% | ||||||||
S&P Global, Inc.(a) | 2,480 | 1,060,225 | ||||||
Diversified Financial Services - 9.1% | ||||||||
Intercontinental Exchange, Inc.(a) | 13,854 | 1,855,050 | ||||||
Visa, Inc. - Class A(a) | 7,884 | 2,148,075 | ||||||
4,003,125 | ||||||||
Entertainment - 3.0% | ||||||||
Vail Resorts, Inc.(a)(b) | 6,958 | 1,313,114 | ||||||
Environmental Control - 2.5% | ||||||||
Waste Management, Inc. | 5,269 | 1,110,336 | ||||||
Food - 3.2% | ||||||||
Lamb Weston Holdings, Inc.(b) | 15,856 | 1,399,926 | ||||||
Healthcare - Products - 10.1% | ||||||||
Medtronic PLC(a)(b) | 20,307 | 1,652,380 | ||||||
Solventum Corp.(c) | 13,626 | 808,567 | ||||||
Zimmer Biomet Holdings, Inc.(a) | 17,138 | 1,973,441 | ||||||
4,434,388 | ||||||||
Insurance - 4.9% | ||||||||
Old Republic International Corp.(a) | 67,254 | 2,137,332 | ||||||
Internet - 2.5% | ||||||||
Booking Holdings, Inc. | 291 | 1,098,918 | ||||||
Media - 3.9% | ||||||||
Comcast Corp. - Class A(a) | 42,593 | 1,704,998 | ||||||
Mining - 6.5% | ||||||||
Newmont Corp.(a) | 40,728 | 1,708,132 | ||||||
Rio Tinto PLC - ADR(a) | 16,481 | 1,155,318 | ||||||
2,863,450 | ||||||||
Miscellaneous Manufacturing - 3.5% | ||||||||
3M Co. | 15,515 | 1,553,672 | ||||||
Oil & Gas - 5.3% | ||||||||
Exxon Mobil Corp.(a) | 19,911 | 2,334,764 | ||||||
Packaging & Containers - 4.3% | ||||||||
Packaging Corp. of America(a) | 10,287 | 1,887,562 | ||||||
Pharmaceuticals - 7.2% | ||||||||
AbbVie, Inc.(a) | 11,745 | 1,893,764 | ||||||
Johnson & Johnson(a) | 8,795 | 1,289,962 | ||||||
3,183,726 | ||||||||
Retail - 3.1% | ||||||||
Domino's Pizza, Inc. | 2,694 | 1,370,115 | ||||||
Software - 7.5% | ||||||||
Fidelity National Information Services, Inc.(a) | 29,258 | 2,220,097 | ||||||
MSCI, Inc. | 2,232 | 1,105,242 | ||||||
3,325,339 | ||||||||
Transportation - 3.3% | ||||||||
Union Pacific Corp. | 6,291 | 1,464,671 | ||||||
Water - 4.1% | ||||||||
American Water Works Co., Inc.(a)(b) | 13,873 | 1,814,172 | ||||||
TOTAL COMMON STOCKS (Cost $47,644,390) | 48,443,672 | |||||||
PREFERRED STOCKS - 7.3% | ||||||||
REITs - Diversified - 3.3% | ||||||||
EPR Properties, Series C, 5.75%, Perpetual | 70,951 | 1,366,516 | ||||||
REITs - Mortgage - 3.3% | ||||||||
AGNC Investment Corp., Series F, 6.13% to 04/15/2025 then 3 mo. LIBOR US + 4.70%, Perpetual(a)(d) | 76,701 | 1,844,659 | ||||||
TOTAL PREFERRED STOCKS (Cost $3,488,290) | 3,211,175 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 2.8% | ||||||||
PotlatchDeltic Corp.(a) | 29,134 | 1,244,896 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,450,712) | 1,244,896 | |||||||
SHORT-TERM INVESTMENTS - 7.0% | ||||||||
Investments Purchased with Proceeds from Securities Lending - 6.5% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC(e) | 2,863,566 | 2,863,566 | ||||||
Money Market Funds - 0.5% | ||||||||
First American Government Obligations Fund - Class X, 5.24%(e) | 229,777 | 229,777 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,093,343) | 3,093,343 | |||||||
TOTAL INVESTMENTS - 127.0% (Cost $55,676,735) | $ | 55,993,086 | ||||||
Liabilities in Excess of Other Assets - (27.0)% | (11,900,377 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 44,092,709 | ||||||
Percentages are stated as a percent of net assets. |
ADR - American Depositary Receipt |
LIBOR – London Interbank Offered Rate |
PLC - Public Limited Company |
SA - Sociedad Anónima |
(a) | All or a portion of security has been pledged as collateral for open securities sold short. The total value of assets committed as collateral as of May 31, 2024 is $36,363,128. |
(b) | All or a portion of this security is on loan as of May 31, 2024. The total market value of these securities was $2,165,193 which represented 4.9% of net assets. |
(c) | Non-income producing security. |
(d) | Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
(e) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
Leatherback Long/Short Alternative Yield ETF | ||||||||
Schedule of Securities Sold Short | ||||||||
as of May 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - (26.6)% | Shares | Value | ||||||
Airlines - (1.0)% | ||||||||
Delta Air Lines, Inc.(a) | (8,603 | ) | $ | (438,925 | ) | |||
Auto Manufacturers - (1.9)% | ||||||||
Tesla, Inc. (a) | (4,694 | ) | (835,908 | ) | ||||
Commercial Services - (1.4)% | ||||||||
Block, Inc. (a) | (9,341 | ) | (598,571 | ) | ||||
Computers - (1.6)% | ||||||||
Apple, Inc. (a) | (3,657 | ) | (703,058 | ) | ||||
Distribution & Wholesale - (1.3)% | ||||||||
SiteOne Landscape Supply, Inc. (a) | (3,835 | ) | (593,735 | ) | ||||
Diversified Financial Services - (3.7)% | ||||||||
BlackRock, Inc. (a) | (939 | ) | (724,936 | ) | ||||
Stifel Financial Corp. (a) | (10,957 | ) | (886,969 | ) | ||||
(1,611,905 | ) | |||||||
Engineering & Construction - (1.1)% | ||||||||
Comfort Systems USA, Inc. (a) | (1,469 | ) | (480,862 | ) | ||||
Internet - (2.7)% | ||||||||
DoorDash, Inc. - Class A(a) | (6,671 | ) | (734,544 | ) | ||||
Netflix, Inc. (a) | (686 | ) | (440,151 | ) | ||||
(1,174,695 | ) | |||||||
Leisure Time - (3.2)% | ||||||||
Planet Fitness, Inc. - Class A(a) | (10,439 | ) | (664,338 | ) | ||||
Royal Caribbean Cruises Ltd. (a) | (5,082 | ) | (750,510 | ) | ||||
(1,414,848 | ) | |||||||
Machinery - Construction & Mining - (1.4)% | ||||||||
Vertiv Holdings Co. - Class A(a) | (6,526 | ) | (640,005 | ) | ||||
Retail - (5.6)% | ||||||||
Burlington Stores, Inc. (a) | (2,033 | ) | (488,022 | ) | ||||
Chipotle Mexican Grill, Inc. (a) | (265 | ) | (829,323 | ) | ||||
Dick's Sporting Goods, Inc. (a) | (2,184 | ) | (497,166 | ) | ||||
Ollie's Bargain Outlet Holdings, Inc. (a) | (7,959 | ) | (656,060 | ) | ||||
(2,470,571 | ) | |||||||
Semiconductors - (1.7)% | ||||||||
Broadcom, Inc. (a) | (574 | ) | (762,588 | ) | ||||
TOTAL COMMON STOCKS (Proceeds $10,537,683) | (11,725,671 | ) | ||||||
REAL ESTATE INVESTMENT TRUSTS - (4.2)% | ||||||||
Digital Realty Trust, Inc. (a) | (5,028 | ) | (730,769 | ) | ||||
Equinix, Inc. (a) | (897 | ) | (684,393 | ) | ||||
Iron Mountain, Inc. (a) | (5,433 | ) | (438,389 | ) | ||||
(1,853,551 | ) | |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Proceeds $1,673,466) | (1,853,551 | ) | ||||||
TOTAL SECURITIES SOLD SHORT - (30.8)% (Proceeds $12,211,149) | $ | (13,579,222 | ) | |||||
Percentages are stated as a percent of net assets. |
(a) | Non-income producing security. |
Summary of Fair Value Exposure at May 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 May 31, 2024:
Leatherback Long/Short Alternative Yield ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 48,443,672 | $ | – | $ | – | $ | 48,443,672 | ||||||||
Preferred Stocks | 3,211,175 | – | – | 3,211,175 | ||||||||||||
Real Estate Investment Trusts | 1,244,896 | – | – | 1,244,896 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending(a) | – | – | – | 2,863,566 | ||||||||||||
Money Market Funds | 229,777 | – | – | 229,777 | ||||||||||||
Total Investments | $ | 53,129,520 | $ | – | $ | – | $ | 55,993,086 | ||||||||
Liabilities: | ||||||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | (11,725,671 | ) | $ | – | $ | – | $ | (11,725,671 | ) | ||||||
Real Estate Investment Trusts | (1,853,551 | ) | – | – | (1,853,551 | ) | ||||||||||
Total Investments | $ | (13,579,222 | ) | $ | – | $ | – | $ | (13,579,222 | ) |
(a) | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. |
Refer to the Schedule of Investments for additional information. |