Aztlan Global Stock Selection DM SMID ETF | ||||||
SCHEDULE OF INVESTMENTS at October 31, 2022 (Unaudited) | ||||||
Shares | Value | |||||
Common Stocks - 100.5% | ||||||
Airlines - 3.7% | ||||||
Deutsche Lufthansa AG (1) | 15,621 | $ | 107,182 | |||
Banks - 3.7% | ||||||
Fukuoka Financial Group, Inc. | 6,253 | 106,140 | ||||
Beverages - 3.7% | ||||||
Coca-Cola HBC AG | 4,945 | 107,890 | ||||
Commercial Services - 7.4% | ||||||
Shin Nippon Biomedical Laboratories Ltd. | 5,869 | 107,398 | ||||
Wise PLC - Class A (1) | 13,981 | 106,622 | ||||
214,020 | ||||||
Computers - 7.6% | ||||||
Computershare Ltd. | 6,750 | 109,107 | ||||
Pure Storage, Inc. - Class A (1) | 3,639 | 112,300 | ||||
221,407 | ||||||
Diversified Financial Services - 3.4% | ||||||
Mr. Cooper Group, Inc. (1) | 2,471 | 97,580 | ||||
Electric - 10.8% | ||||||
AGL Energy Ltd. | 24,359 | 106,109 | ||||
Drax Group PLC | 17,886 | 106,866 | ||||
Northland Power, Inc. | 3,394 | 98,754 | ||||
311,729 | ||||||
Electrical Components & Equipment - 3.7% | ||||||
Fujikura Ltd. | 17,998 | 106,515 | ||||
Engineering & Construction - 4.2% | ||||||
Dycom Industries, Inc. (1) | 1,041 | 123,025 | ||||
Healthcare - Products - 3.7% | ||||||
ConvaTec Group PLC | 42,357 | 105,894 | ||||
Insurance - 3.6% | ||||||
Beazley PLC | 14,605 | 104,598 | ||||
Internet - 7.3% | ||||||
Kakaku.com, Inc. | 6,260 | 106,133 | ||||
TripAdvisor, Inc. - Class A (1) | 4,498 | 106,243 | ||||
212,376 | ||||||
Iron & Steel - 3.8% | ||||||
OSAKA Titanium Technologies Co. Ltd. | 4,570 | 109,413 | ||||
Lodging - 7.7% | ||||||
Hyatt Hotels Corp. - Class A (1) | 1,233 | 116,161 | ||||
Kyoritsu Maintenance Co. Ltd. | 2,553 | 105,248 | ||||
221,409 | ||||||
Packaging & Containers - 7.5% | ||||||
DS Smith PLC | 31,753 | 105,675 | ||||
Silgan Holdings, Inc. | 2,370 | 112,243 | ||||
217,918 | ||||||
Retail - 11.4% | ||||||
Casey’s General Stores, Inc. | 492 | 114,493 | ||||
Dufry AG | 3,284 | 108,259 | ||||
Lawson, Inc. | 3,314 | 105,864 | ||||
328,616 | ||||||
Software - 7.3% | ||||||
Privia Health Group, Inc. (1) | 2,915 | 97,594 | ||||
Ubisoft Entertainment SA (1) | 4,113 | 112,876 | ||||
210,470 | ||||||
Total Common Stocks | ||||||
(Cost $2,816,875) | 2,906,182 | |||||
Short-Term Investments - 0.1% | ||||||
Money Market Funds - 0.1% | ||||||
First American Government Obligations Fund, Class X, 2.924% (2) | 2,937 | 2,937 | ||||
Total Short-Term Investments | ||||||
(Cost $2,937) | 2,937 | |||||
Total Investments in Securities - 100.6% | ||||||
(Cost $2,819,812) | 2,909,119 | |||||
Liabilities in Excess of Other Assets - (0.6)% | (16,782) | |||||
Total Net Assets - 100.0% | $ | 2,892,337 | ||||
(1) | Non-income producing security. | |||||
(2) | The rate shown is the annualized seven-day effective yield as of October 31, 2022. |
Summary of Fair Value Exposure at October 31, 2022 (Unaudited) |
The Aztlan Global Stock Selection DM SMID 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 as of October 31, 2022: |
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Common Stocks (1) | $ | 2,906,182 | $ | - | $ | - | $ | 2,906,182 | |||||||
Short-Term Investments | 2,937 | - | - | 2,937 | |||||||||||
Total Investments in Securities | $ | 2,909,119 | $ | - | $ | - | $ | 2,909,119 | |||||||
(1) See Schedule of Investments for the industry breakout. |