SonicShares™ Global Shipping ETF | ||
SCHEDULE OF INVESTMENTS at June 30, 2023 (Unaudited) |
Shares | Value | |||||||
Common Stocks - 95.2% | ||||||||
Transportation - 95.2% (1) | ||||||||
AP Moller - Maersk A/S - Class B | 461 | $ | 808,879 | |||||
Ardmore Shipping Corp. | 8,032 | 99,195 | ||||||
BW LPG Ltd. | 42,300 | 423,255 | ||||||
Cool Co. Ltd. | 9,979 | 134,686 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd. - H Share (1) | 240,472 | 241,190 | ||||||
COSCO SHIPPING Holdings Co. Ltd. - H Share (1) | 714,697 | 643,871 | ||||||
Costamare, Inc. | 22,809 | 220,563 | ||||||
d'Amico International Shipping SA | 23,030 | 89,196 | ||||||
Danaos Corp. | 3,783 | 252,667 | ||||||
DHT Holdings, Inc. | 30,240 | 257,947 | ||||||
Diana Shipping, Inc. | 19,085 | 70,424 | ||||||
Dorian LPG Ltd. (2) | 7,502 | 192,426 | ||||||
Eagle Bulk Shipping, Inc. | 2,549 | 122,454 | ||||||
Euronav NV | 53,207 | 806,879 | ||||||
FLEX LNG Ltd. | 9,986 | 304,980 | ||||||
Frontline PLC | 43,645 | 634,162 | ||||||
GasLog Partners L.P. | 9,610 | 82,838 | ||||||
Genco Shipping & Trading Ltd. | 7,903 | 110,879 | ||||||
Global Ship Lease, Inc. | 6,691 | 129,805 | ||||||
Golden Ocean Group Ltd. | 37,708 | 284,388 | ||||||
Gram Car Carriers ASA | 5,444 | 82,014 | ||||||
Hapag-Lloyd AG | 4,081 | 827,696 | ||||||
HMM Co. Ltd. | 59,681 | 853,783 | ||||||
Hoegh Autoliners ASA | 35,459 | 201,397 | ||||||
International Seaways, Inc. | 9,096 | 347,831 | ||||||
Kawasaki Kisen Kaisha Ltd. | 34,867 | 848,908 | ||||||
Korea Line Corp. (3) | 59,203 | 90,985 | ||||||
Matson, Inc. (2) | 9,124 | 709,209 | ||||||
Mitsui OSK Lines Ltd. | 34,812 | 832,395 | ||||||
MPC Container Ships ASA | 82,474 | 140,952 | ||||||
Navigator Holdings Ltd. (3) | 13,988 | 181,984 | ||||||
Nordic American Tankers Ltd. | 38,819 | 142,466 | ||||||
NS United Kaiun Kaisha Ltd. | 4,449 | 105,427 | ||||||
Okeanis Eco Tankers Corp. | 6,113 | 131,805 | ||||||
Orient Overseas International Ltd. | 65,983 | 884,926 | ||||||
Pacific Basin Shipping Ltd. | 976,700 | 296,627 | ||||||
Pan Ocean Co. Ltd. | 177,338 | 697,159 | ||||||
Pangaea Logistics Solutions Ltd. | 8,639 | 58,486 | ||||||
Safe Bulkers, Inc. | 21,080 | 68,721 | ||||||
Samudera Shipping Line Ltd. | 100,007 | 63,920 | ||||||
Scorpio Tankers, Inc. | 13,506 | 637,888 | ||||||
SFL Corp. Ltd. | 25,761 | 240,350 | ||||||
SITC International Holdings Co. Ltd. | 465,437 | 849,316 | ||||||
Star Bulk Carriers Corp. (2) | 19,123 | 338,477 | ||||||
Stolt-Nielsen Ltd. | 12,777 | 325,580 | ||||||
Teekay Tankers Ltd. - Class A (1) | 5,450 | 208,354 | ||||||
Wallenius Wilhelmsen ASA | 58,213 | 403,987 | ||||||
ZIM Integrated Shipping Services Ltd. (2) | 22,344 | 276,842 | ||||||
16,758,169 | ||||||||
Total Common Stocks | ||||||||
(Cost $20,243,280) | 16,758,169 | |||||||
Short-Term Investments - 3.0% | ||||||||
Money Market Funds - 3.0% | ||||||||
First American Government Obligations Fund, Class X, 5.006% (4) | 529,338 | 529,338 | ||||||
Total Short-Term Investments | ||||||||
(Cost $529,338) | 529,338 | |||||||
Investments Purchased With Collateral From Securities Lending - 3.4% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.280% (4) | 603,542 | 603,542 | ||||||
Total Investments Purchased With Collateral From Securities Lending | ||||||||
(Cost $603,542) | 603,542 | |||||||
Total Investments in Securities - 101.6.% | ||||||||
(Cost $21,376,160) | 17,891,049 | |||||||
Liabilities in Excess of Other Assets - (1.6)% | (281,453 | ) | ||||||
Total Net Assets - 100.0% | $ | 17,609,596 |
(1) | The Fund tracks the Solactive Global Shipping Index (the “Index”). To the extent the Index concentrates in securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. Please reference the prospectus for additional information. | ||
(2) | This security or a portion of this security was out on loan as of June 30, 2023. Total loaned securities had a value of $591,587 or 3.4% of net assets as of June 30, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous. | ||
(3) | Non-income producing security. | ||
(4) | The rate shown is the annualized seven-day effective yield as of June 30, 2023. |
Summary of Fair Value Exposure at June 30, 2023 | |||||
The SonicShares™ Global Shipping 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 June 30, 2023: |
Investments in Securities | Investments Measured at Net Asset Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stocks (1) | $ | – | $ | 16,758,169 | $ | – | $ | – | $ | 16,758,169 | |||||||||
Short-Term Investments | – | 529,338 | – | – | 529,338 | ||||||||||||||
Investments Purchased With Collateral From Securities Lending (2) | 603,542 | – | – | – | 603,542 | ||||||||||||||
Total Investments in Securities | $ | 603,542 | $ | 17,287,507 | $ | – | $ | – | $ | 17,891,049 |
(1) See Schedule of Investments for the industry breakout. | |
(2) 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 presented in the Schedule of Investments. |