American Customer Satisfaction ETF
Schedule of Investments
as of December 31, 2023 (Unaudited)
COMMON STOCKS - 99.8% | Shares | Value | ||||||
Airlines - 3.1% | ||||||||
Alaska Air Group, Inc.(a) | 61,510 | $ | 2,403,196 | |||||
Apparel - 5.3% | ||||||||
Levi Strauss & Co. - Class A | 123,477 | 2,042,310 | ||||||
Skechers USA, Inc. - Class A(a) | 33,310 | 2,076,545 | ||||||
4,118,855 | ||||||||
Auto Manufacturers - 4.0% | ||||||||
Tesla, Inc.(a) | 12,417 | 3,085,376 | ||||||
Banks - 2.4% | ||||||||
Morgan Stanley | 19,530 | 1,821,173 | ||||||
Beverages - 2.6% | ||||||||
Keurig Dr Pepper, Inc. | 61,490 | 2,048,847 | ||||||
Commercial Services - 2.1% | ||||||||
Avis Budget Group, Inc. | 9,041 | 1,602,608 | ||||||
Computers - 9.2% | ||||||||
Apple, Inc. | 37,040 | 7,131,311 | ||||||
Diversified Financial Services - 8.3% | ||||||||
Ally Financial, Inc. | 62,157 | 2,170,522 | ||||||
Capital One Financial Corp. | 16,772 | 2,199,145 | ||||||
The Charles Schwab Corp. | 30,451 | 2,095,029 | ||||||
6,464,696 | ||||||||
Electric - 2.8% | ||||||||
CenterPoint Energy, Inc. | 35,681 | 1,019,406 | ||||||
NextEra Energy, Inc. | 19,083 | 1,159,102 | ||||||
2,178,508 | ||||||||
Food - 3.3% | ||||||||
General Mills, Inc. | 24,657 | 1,606,157 | ||||||
The Kroger Co. | 21,277 | 972,572 | ||||||
2,578,729 | ||||||||
Gas - 1.3% | ||||||||
Atmos Energy Corp. | 8,832 | 1,023,629 | ||||||
Healthcare-Services - 5.3% | ||||||||
Humana, Inc. | 4,270 | 1,954,849 | ||||||
UnitedHealth Group, Inc. | 4,053 | 2,133,783 | ||||||
4,088,632 | ||||||||
Insurance - 3.4% | ||||||||
American International Group, Inc. | 38,661 | 2,619,283 | ||||||
Internet - 16.5% | ||||||||
Alphabet, Inc. - Class C(a) | 35,541 | 5,008,792 | ||||||
Amazon.com, Inc.(a) | 32,111 | 4,878,945 | ||||||
Netflix, Inc.(a) | 3,351 | 1,631,535 | ||||||
Pinterest, Inc. - Class A(a) | 34,143 | 1,264,657 | ||||||
12,783,929 |
Lodging - 2.6% | ||||||||
Hyatt Hotels Corp. - Class A | 15,491 | 2,020,181 | ||||||
Pharmaceuticals - 1.6% | ||||||||
CVS Health Corp. | 15,215 | 1,201,376 | ||||||
Retail - 11.1% | ||||||||
American Eagle Outfitters, Inc. | 99,787 | 2,111,493 | ||||||
Costco Wholesale Corp. | 4,352 | 2,872,668 | ||||||
Papa John's International, Inc. | 25,180 | 1,919,471 | ||||||
The TJX Cos., Inc. | 18,265 | 1,713,440 | ||||||
8,617,072 | ||||||||
Software - 4.9% | ||||||||
Microsoft Corp. | 10,044 | 3,776,946 | ||||||
Telecommunications - 7.2% | ||||||||
AT&T, Inc. | 88,465 | 1,484,443 | ||||||
Motorola Solutions, Inc. | 4,464 | 1,397,634 | ||||||
T-Mobile US, Inc. | 6,896 | 1,105,636 | ||||||
Verizon Communications, Inc. | 41,437 | 1,562,174 | ||||||
5,549,887 | ||||||||
Transportation - 2.8% | ||||||||
United Parcel Service, Inc. - Class B | 13,983 | 2,198,547 | ||||||
TOTAL COMMON STOCKS (Cost $67,720,170) | 77,312,781 | |||||||
SHORT-TERM INVESTMENTS - 0.2% | ||||||||
Money Market Funds - 0.2% | ||||||||
First American Government Obligations Fund - Class X, 5.28%(b) | 116,391 | 116,391 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $116,391) | 116,391 | |||||||
TOTAL INVESTMENTS - 100.0% (Cost $67,836,561) | $ | 77,429,172 | ||||||
Other Assets in Excess of Liabilities - 0.0%(c) | 32,058 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 77,461,230 |
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | The rate shown represents the 7-day effective yield as of December 31, 2023. |
(c) | Represents less than 0.05% of net assets. |
Summary of Fair Value Exposure at December 31, 2023 (Unaudited)
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, 2023:
American Customer Satisfaction ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 77,312,781 | $ | — | $ | — | $ | 77,312,781 | ||||||||
Money Market Funds | 116,391 | — | — | 116,391 | ||||||||||||
Total Investments | $ | 77,429,172 | $ | — | $ | — | $ | 77,429,172 |
Refer to the Schedule of Investments for industry classifications. |