Unlimited HFND Multi-Strategy Return Tracker ETF | ||||||||
SCHEDULE OF INVESTMENTS at May 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
Exchange Traded Funds - 99.4% | ||||||||
Invesco CurrencyShares British Pound Sterling Trust | 10,593 | $ | 1,267,750 | |||||
Invesco CurrencyShares Canadian Dollar Trust (1) | 17,518 | 1,263,398 | ||||||
Invesco DB Agriculture Fund (1) | 119,433 | 2,443,599 | ||||||
Invesco DB Base Metals Fund | 38,740 | 684,536 | ||||||
Invesco Senior Loan ETF (1) | 129,495 | 2,667,597 | ||||||
iShares Convertible Bond ETF (1) | 44,087 | 3,192,340 | ||||||
iShares Gold Trust (2) | 27,444 | 1,020,917 | ||||||
iShares J.P. Morgan EM High Yield Bond ETF (1) | 39,072 | 1,330,792 | ||||||
iShares MSCI Australia ETF (1) | 117,892 | 2,578,298 | ||||||
iShares MSCI China ETF | 14,855 | 642,330 | ||||||
iShares MSCI Japan ETF | 23,627 | 1,402,026 | ||||||
Materials Select Sector SPDR Fund | 9,336 | 700,387 | ||||||
Real Estate Select Sector SPDR Fund (1) | 53,816 | 1,939,529 | ||||||
SPDR Bloomberg High Yield Bond ETF (1) | 42,780 | 3,886,135 | ||||||
SPDR Bloomberg Short Term High Yield Bond ETF (1) | 52,576 | 1,284,432 | ||||||
SPDR S&P Retail ETF | 26,418 | 1,501,599 | ||||||
Vanguard FTSE Emerging Markets ETF (1) | 123,926 | 4,839,310 | ||||||
Vanguard FTSE Europe ETF | 38,804 | 2,336,777 | ||||||
Vanguard Mid-Cap ETF (1) | 11,631 | 2,370,165 | ||||||
Vanguard Mortgage-Backed Securities ETF (1) | 131,606 | 6,081,513 | ||||||
Vanguard Russell 2000 ETF | 20,121 | 1,411,690 | ||||||
Vanguard Short-Term Corporate Bond ETF (1) | 52,521 | 3,988,970 | ||||||
Vanguard Total World Stock ETF (1) | 79,807 | 7,363,792 | ||||||
Vanguard US Momentum Factor ETF | 6,937 | 776,389 | ||||||
Vanguard Value ETF (1) | 8,040 | 1,083,551 | ||||||
Total Exchange Traded Funds | ||||||||
(Cost $58,044,460) | 58,057,822 | |||||||
Short-Term Investments - 9.4% | ||||||||
Money Market Funds - 9.4% | ||||||||
First American Government Obligations Fund, Class X, 4.968% (3) | 5,512,303 | 5,512,303 | ||||||
Total Short-Term Investments | ||||||||
(Cost $5,512,303) | 5,512,303 | |||||||
Total Investments in Securities - 108.8% | ||||||||
(Cost $63,556,763) | 63,570,125 | |||||||
Liabilities in Excess of Other Assets - (8.8)% | (5,154,696 | ) | ||||||
Total Net Assets - 100.0% | $ | 58,415,429 |
(1) | All or a portion of the assets have been committed as collateral for open securities sold short. | |||
(2) | Non-income producing security. | |||
(3) | The rate shown is the annualized seven-day effective yield as of May 31, 2023. |
Unlimited HFND Multi-Strategy Return Tracker ETF | ||||||||
SCHEDULE OF SECURITIES SOLD SHORT at May 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
Exchange Traded Funds - 14.3% | ||||||||
Health Care Select Sector SPDR Fund | 8,215 | $ | 1,050,123 | |||||
Invesco CurrencyShares Euro Currency Trust | 12,674 | 1,251,051 | ||||||
Invesco CurrencyShares Japanese Yen Trust (1) | 18,612 | 1,243,468 | ||||||
Invesco CurrencyShares Swiss Franc Trust (1) | 12,790 | 1,250,222 | ||||||
iShares TIPS Bond ETF | 14,143 | 1,531,687 | ||||||
Technology Select Sector SPDR Fund | 7,033 | 1,155,381 | ||||||
Vanguard Long-Term Treasury ETF | 13,314 | 847,969 | ||||||
Total Exchange Traded Funds | ||||||||
(Proceeds $8,365,871) | $ | 8,329,901 | ||||||
(1) Non-income producing securities. |
Summary of Fair Value Exposure at May 31, 2023 (Unaudited) |
The Unlimited HFND Multi-Strategy Return Tracker 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 and securities sold short as of May 31, 2023: |
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Exchange Traded Funds | $ | 58,057,822 | $ | - | $ | - | $ | 58,057,822 | |||||||
Short-Term Investments | 5,512,303 | - | - | 5,512,303 | |||||||||||
Total Investments in Securities | $ | 63,570,125 | $ | - | $ | - | $ | 63,570,125 | |||||||
Securities Sold Short | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Exchange Traded Funds | $ | 8,329,901 | $ | – | $ | – | $ | 8,329,901 | |||||||
Total Securities Sold Short | $ | 8,329,901 | $ | – | $ | – | $ | 8,329,901 |