Sound Equity Dividend Income ETF |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) |
Shares | Value | |||||||
Common Stocks - 99.3% | ||||||||
Advertising - 4.5% | ||||||||
Omnicom Group, Inc. | 14,534 | $ | 1,177,399 | |||||
Apparel - 2.0% | ||||||||
Carter's, Inc. | 7,342 | 525,467 | ||||||
Banks - 5.6% | ||||||||
Citigroup, Inc. | 15,267 | 630,374 | ||||||
M&T Bank Corp. | 4,884 | 610,744 | ||||||
Truist Financial Corp. | 7,816 | 238,779 | ||||||
1,479,897 | ||||||||
Chemicals - 6.8% | ||||||||
Dow, Inc. | 10,048 | 548,219 | ||||||
LyondellBasell Industries NV - Class A | 12,712 | 1,255,564 | ||||||
1,803,783 | ||||||||
Commercial Services - 3.0% | ||||||||
H&R Block, Inc. | 19,829 | 792,763 | ||||||
Computers - 3.7% | ||||||||
International Business Machines Corp. | 6,580 | 966,141 | ||||||
Cosmetic & Personal Care - 2.0% | ||||||||
Kenvue, Inc. | 23,111 | 532,713 | ||||||
Cosmetics & Personal Care - 2.3% | ||||||||
Unilever PLC - ADR | 11,907 | 607,495 | ||||||
Diversified Financial Services - 3.1% | ||||||||
Franklin Resources, Inc. | 30,958 | 827,817 | ||||||
Electric - 4.6% | ||||||||
Edison International | 10,384 | 714,938 | ||||||
Entergy Corp. | 5,183 | 493,681 | ||||||
1,208,619 | ||||||||
Healthcare - Products - 4.3% | ||||||||
Patterson Companies Inc. | 38,222 | 1,148,189 | ||||||
Insurance - 3.1% | ||||||||
Principal Financial Group, Inc. | 10,602 | 823,881 |
Office & Business Equipment - 2.0% | ||||||||
Xerox Holdings Corp. | 33,019 | 524,672 | ||||||
Oil & Gas - 9.2% | ||||||||
HF Sinclair Corp. | 9,257 | 509,968 | ||||||
TotalEnergies SE - ADR | 15,338 | 964,914 | ||||||
Valero Energy Corp. | 7,356 | 955,544 | ||||||
2,430,426 | ||||||||
Packaging & Containers - 4.4% | ||||||||
Greif, Inc. - Class B | 15,662 | 1,167,289 | ||||||
Pharmaceuticals - 10.8% | ||||||||
AbbVie, Inc. | 8,146 | 1,197,136 | ||||||
GSK PLC - ADR | 22,756 | 799,419 | ||||||
Pfizer, Inc. | 24,079 | 851,915 | ||||||
2,848,470 | ||||||||
Pipelines - 7.5% | ||||||||
Enbridge, Inc. | 27,921 | 979,469 | ||||||
ONEOK, Inc. | 15,336 | 999,907 | ||||||
1,979,376 | ||||||||
Retail - 5.7% | ||||||||
MSC Industrial Direct Co., Inc. - Class A | 6,935 | 707,786 | ||||||
Walgreens Boots Alliance, Inc. | 31,270 | 791,444 | ||||||
1,499,230 | ||||||||
Savings & Loans - 4.5% | ||||||||
New York Community Bancorp, Inc. | 96,973 | 1,190,829 | ||||||
Telecommunications - 7.6% | ||||||||
AT&T, Inc. | 56,964 | 842,498 | ||||||
Cisco Systems, Inc. | 20,072 | 1,151,129 | ||||||
1,993,627 | ||||||||
Toys, Games & Hobbies - 2.6% | ||||||||
Hasbro, Inc. | 9,471 | 681,912 | ||||||
Total Common Stocks | ||||||||
(Cost $25,013,986) | 26,209,995 | |||||||
Short-Term Investments - 0.3% | ||||||||
Money Market Fund - 0.3% | ||||||||
First American Government Obligations Fund, Class X, 5.428% (1) | 69,813 | 69,813 | ||||||
Total Short-Term Investments | ||||||||
(Cost $69,813) | 69,813 | |||||||
Total Investments in Securities - 99.6% | ||||||||
(Cost $25,083,799) | 26,279,808 | |||||||
Other Assets in Excess of Liabilities - 0.4% | 116,623 | |||||||
Net Assets - 100.0% | $ | 26,396,431 |
ADR | American Depositary Receipt. |
(1) | The rate shown is the annualized seven-day effective yield as of August 31, 2023. |
Summary of Fair Value Exposure at August 31, 2023 (Unaudited) |
The Sound Equity Dividend Income 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 August 31, 2023: |
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (1) | $ | 26,209,995 | $ | — | $ | — | $ | 26,209,995 | ||||||||
Short-Term Investments | 69,813 | — | — | 69,813 | ||||||||||||
Total Investments in Securities | $ | 26,279,808 | $ | — | $ | — | $ | 26,279,808 |
(1) See Schedule of Investments for the industry breakout.