Constrained Capital ESG Orphans ETF | ||||||
SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) | ||||||
Shares | Value | |||||
Common Stocks - 99.6% | ||||||
Aerospace & Defense - 24.2% | ||||||
The Boeing Co. (1) | 499 | $ | 95,055 | |||
Curtiss-Wright Corp. | 33 | 5,511 | ||||
General Dynamics Corp. | 207 | 51,359 | ||||
L3Harris Technologies, Inc. | 173 | 36,020 | ||||
Lockheed Martin Corp. | 233 | 113,352 | ||||
Northrop Grumman Corp. | 125 | 68,201 | ||||
Raytheon Technologies Corp. | 1,258 | 126,957 | ||||
Spirit AeroSystems Holdings, Inc. | 72 | 2,131 | ||||
498,586 | ||||||
Agriculture - 13.6% | ||||||
Altria Group, Inc. | 1,605 | 73,365 | ||||
British American Tobacco PLC | 1,890 | 75,562 | ||||
Philip Morris International, Inc. | 1,309 | 132,484 | ||||
281,411 | ||||||
Beverages - 10.5% | ||||||
Anheuser-Busch InBev SA/NV | 1,415 | 84,957 | ||||
Brown-Forman Corp. - Class B | 248 | 16,289 | ||||
Constellation Brands, Inc. - Class A | 118 | 27,346 | ||||
Diageo PLC | 456 | 81,255 | ||||
Molson Coors Brewing Co. - Class B | 149 | 7,676 | ||||
217,523 | ||||||
Electric - 23.4% | ||||||
American Electric Power Co., Inc. | 381 | 36,176 | ||||
Consolidated Edison, Inc. | 256 | 24,399 | ||||
Dominion Energy, Inc. | 584 | 35,811 | ||||
Duke Energy Corp. | 564 | 58,086 | ||||
Eversource Energy | 246 | 20,625 | ||||
Exelon Corp. | 719 | 31,082 | ||||
NextEra Energy, Inc. | 1,406 | 117,542 | ||||
Public Service Enterprise Group, Inc. | 359 | 21,996 | ||||
Sempra Energy | 234 | 36,162 | ||||
The Southern Co. | 750 | 53,557 | ||||
WEC Energy Group, Inc. | 226 | 21,190 | ||||
Xcel Energy, Inc. | 387 | 27,133 | ||||
483,759 | ||||||
Entertainment - 1.0% | ||||||
Caesars Entertainment, Inc. (1) | 161 | 6,698 | ||||
Churchill Downs, Inc. | 29 | 6,131 | ||||
Light & Wonder, Inc. (1) | 77 | 4,512 | ||||
Penn Entertainment, Inc. (1) | 131 | 3,891 | ||||
21,232 | ||||||
Lodging - 1.5% | ||||||
Boyd Gaming Corp. | 65 | 3,544 | ||||
Las Vegas Sands Corp. (1) | 242 | 11,633 | ||||
MGM Resorts International | 273 | 9,154 | ||||
Wynn Resorts Ltd. (1) | 75 | 6,185 | ||||
30,516 | ||||||
Miscellaneous Manufacturers - 1.1% | ||||||
Axon Enterprise, Inc. (1) | 55 | 9,126 | ||||
Textron, Inc. | 178 | 12,602 | ||||
21,728 | ||||||
Oil & Gas - 24.3% | ||||||
Chevron Corp. | 690 | 123,848 | ||||
ConocoPhillips | 466 | 54,988 | ||||
Devon Energy Corp. | 229 | 14,086 | ||||
Diamondback Energy, Inc. | 64 | 8,754 | ||||
EOG Resources, Inc. | 205 | 26,552 | ||||
Exxon Mobil Corp. | 1,495 | 164,898 | ||||
Hess Corp. | 97 | 13,757 | ||||
Marathon Petroleum Corp. | 187 | 21,765 | ||||
Occidental Petroleum Corp. | 314 | 19,779 | ||||
Phillips 66 | 169 | 17,589 | ||||
Pioneer Natural Resources Co. | 80 | 18,271 | ||||
Valero Energy Corp. | 137 | 17,380 | ||||
501,667 | ||||||
Total Common Stocks | ||||||
(Cost $2,007,741) | 2,056,422 | |||||
Short-Term Investments - 0.2% | ||||||
Money Market Funds - 0.2% | ||||||
First American Government Obligations Fund, Class X, 4.100% (2) | 4,063 | 4,063 | ||||
Total Short-Term Investments | ||||||
(Cost $4,063) | 4,063 | |||||
Total Investments in Securities - 99.8% | ||||||
(Cost $2,011,804) | 2,060,485 | |||||
Other Assets in Excess of Liabilities - 0.2% | 4,186 | |||||
Total Net Assets - 100.0% | $ | 2,064,671 |
(1) | Non-income producing security. | ||||
(2) | The rate shown is the annualized seven-day effective yield as of December 31, 2022. |
Summary of Fair Value Exposure at December 31, 2022 (Unaudited) | ||||
The Constrained Capital ESG Orphans 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 December 31, 2022: |
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Common Stocks (1) | $ | 2,056,422 | $ | – | $ | – | $ | 2,056,422 | |||||||
Short-Term Investments | 4,063 | - | - | 4,063 | |||||||||||
Total Investments in Securities | $ | 2,060,485 | $ | – | $ | – | $ | 2,060,485 | |||||||
(1) See Schedule of Investments for the industry breakout. |