Private Real Estate Strategy via Liquid REITs ETF | ||||||||
SCHEDULE OF INVESTMENTS at October 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
Real Estate Investment Trusts (1) - 97.1% | ||||||||
REITS - Apartments - 44.1% | ||||||||
American Homes 4 Rent - Class A | 3,852 | $ | 126,115 | |||||
Apartment Income REIT Corp. | 408 | 11,918 | ||||||
AvalonBay Communities, Inc. | 156 | 25,855 | ||||||
Camden Property Trust | 2,448 | 207,786 | ||||||
Centerspace | 240 | 11,659 | ||||||
Equity Residential | 450 | 24,899 | ||||||
Essex Property Trust, Inc. | 60 | 12,835 | ||||||
Independence Realty Trust, Inc. | 15,198 | 188,303 | ||||||
Invitation Homes, Inc. | 3,924 | 116,504 | ||||||
Mid-America Apartment Communities, Inc. | 1,800 | 212,670 | ||||||
NexPoint Residential Trust, Inc. | 1,962 | 52,954 | ||||||
UDR, Inc. | 4,404 | 140,091 | ||||||
1,131,589 | ||||||||
REITS - Diversified - 11.4% | ||||||||
Digital Realty Trust, Inc. | 792 | 98,493 | ||||||
Gaming and Leisure Properties, Inc. | 300 | 13,617 | ||||||
Veris Residential, Inc. | 876 | 11,730 | ||||||
VICI Properties, Inc. | 6,030 | 168,237 | ||||||
292,077 | ||||||||
REITS - Health Care - 2.3% | ||||||||
CareTrust REIT, Inc. | 378 | 8,135 | ||||||
Omega Healthcare Investors, Inc. | 240 | 7,944 | ||||||
Ventas, Inc. | 492 | 20,890 | ||||||
Welltower, Inc. | 276 | 23,076 | ||||||
60,045 | ||||||||
REITS - Hotels - 3.3% | ||||||||
Apple Hospitality REIT, Inc. | 576 | 9,032 | ||||||
DiamondRock Hospitality Co. | 1,080 | 8,349 | ||||||
Hersha Hospitality Trust | 1,458 | 14,463 | ||||||
Host Hotels & Resorts, Inc. | 846 | 13,096 | ||||||
Pebblebrook Hotel Trust | 1,038 | 12,383 | ||||||
Summit Hotel Properties, Inc. | 1,308 | 7,377 | ||||||
Sunstone Hotel Investors, Inc. | 1,404 | 13,057 | ||||||
Xenia Hotels & Resorts, Inc. | 708 | 8,234 | ||||||
85,991 | ||||||||
REITS - Manufactured Homes - 2.2% | ||||||||
Equity LifeStyle Properties, Inc. | 456 | 30,005 | ||||||
Sun Communities, Inc. | 228 | 25,363 | ||||||
55,368 |
Shares | Value | |||||||
REITS - Office Property - 3.0% | ||||||||
Alexandria Real Estate Equities, Inc. | 174 | $ | 16,205 | |||||
Boston Properties, Inc. | 384 | 20,571 | ||||||
Brandywine Realty Trust | 2,040 | 7,630 | ||||||
Cousins Properties, Inc. | 696 | 12,437 | ||||||
Douglas Emmett, Inc. | 720 | 8,071 | ||||||
Highwoods Properties, Inc. | 666 | 11,915 | ||||||
76,829 | ||||||||
REITS - Shopping Centers - 3.3% | ||||||||
Acadia Realty Trust | 1,038 | 14,864 | ||||||
Brixmor Property Group, Inc. | 420 | 8,732 | ||||||
Federal Realty Investment Trust | 156 | 14,226 | ||||||
Kimco Realty Corp. | 924 | 16,576 | ||||||
Regency Centers Corp. | 390 | 23,501 | ||||||
Retail Opportunity Investments Corp. | 666 | 7,819 | ||||||
85,718 | ||||||||
REITS - Storage - 2.0% | ||||||||
Extra Space Storage, Inc. | 312 | 32,320 | ||||||
Public Storage | 78 | 18,619 | ||||||
50,939 | ||||||||
REITS - Warehouse & Industry - 25.5% | ||||||||
EastGroup Properties, Inc. | 792 | 129,294 | ||||||
First Industrial Realty Trust, Inc. | 1,164 | 49,237 | ||||||
Prologis, Inc. | 1,974 | 198,880 | ||||||
Rexford Industrial Realty, Inc. | 2,634 | 113,894 | ||||||
STAG Industrial, Inc. - Class A | 1,080 | 35,878 | ||||||
Terreno Realty Corp. | 2,406 | 128,192 | ||||||
655,375 | ||||||||
Total Real Estate Investment Trusts | ||||||||
(Cost $3,024,400) | 2,493,931 | |||||||
Short-Term Investments - 2.9% | ||||||||
Money Market Funds - 2.9% | ||||||||
First American Government Obligations Fund, Class X, 5.276% (2) | 75,233 | 75,233 | ||||||
Total Short-Term Investments | ||||||||
(Cost $75,233) | 75,233 | |||||||
Total Investments In Securities - 100.0% | ||||||||
(Cost $3,099,633) | 2,569,164 | |||||||
Liabilities in Excess of Other Assets - (0.0)% (3) | (721 | ) | ||||||
Total Net Assets - 100.0% | $ | 2,568,443 |
REIT | Real Estate Investment Trust | ||||
(1) | Grouped by Bloomberg Sector Categories. | ||||
(2) | The rate shown is the annualized seven-day effective yield as of October 31, 2023. | ||||
(3) | Does not round to 0.1% or (0.1)%, as applicable. |
Summary of Fair Value Exposure at October 31, 2023 (Unaudited) | ||||
The Private Real Estate Strategy via Liquid REITs 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, 2023: |
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Real Estate Investment Trusts (1) | $ | 2,493,931 | $ | — | $ | — | $ | 2,493,931 | ||||||||
Short-Term Investments | 75,233 | — | — | 75,233 | ||||||||||||
Total Investments in Securities | $ | 2,569,164 | $ | — | $ | — | $ | 2,569,164 |
(1) See Schedule of Investments for industry breakout.