SonicShares Global Shipping ETF |
Schedule of Investments |
as of June 30, 2024 (Unaudited) |
COMMON STOCKS - 99.4% | Shares | Value | ||||||
Transportation - 99.4%(a) | ||||||||
2020 Bulkers Ltd. | 11,803 | $ | 172,264 | |||||
AP Moller - Maersk AS - Class B | 1,719 | 2,990,500 | ||||||
Ardmore Shipping Corp.(b) | 21,170 | 476,960 | ||||||
Avance Gas Holding Ltd. (Acquired 12/15/2023 - 06/27/2024; Cost $504,588)(c) | 39,246 | 628,821 | ||||||
BW LPG Ltd. (Acquired 03/17/2022 - 06/27/2024; Cost $806,905)(c) | 70,984 | 1,322,012 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd. - Class H | 636,518 | 826,689 | ||||||
COSCO SHIPPING Holdings Co. Ltd. - Class H | 1,563,507 | 2,735,546 | ||||||
Costamare, Inc.(b) | 59,821 | 982,859 | ||||||
d'Amico International Shipping SA | 62,985 | 498,183 | ||||||
Danaos Corp. | 9,822 | 907,160 | ||||||
DHT Holdings, Inc. | 81,126 | 938,628 | ||||||
Diana Shipping, Inc. | 61,738 | 176,571 | ||||||
Dorian LPG Ltd. | 20,610 | 864,796 | ||||||
Euroseas Ltd. | 3,598 | 125,606 | ||||||
FLEX LNG Ltd. | 27,363 | 754,008 | ||||||
Frontline PLC(b) | 89,956 | 2,317,267 | ||||||
Genco Shipping & Trading Ltd. | 21,689 | 462,193 | ||||||
Global Ship Lease, Inc. - Class A | 17,798 | 512,404 | ||||||
Golden Ocean Group Ltd. | 103,224 | 1,433,842 | ||||||
Gram Car Carriers ASA | 14,806 | 360,851 | ||||||
Hapag-Lloyd AG (Acquired 02/15/2022 - 06/27/2024; Cost $1,630,190)(c) | 8,822 | 1,638,554 | ||||||
Heung-A Shipping Co. Ltd.(d) | 113,312 | 218,557 | ||||||
Himalaya Shipping Ltd. | 22,319 | 197,040 | ||||||
HMM Co. Ltd. | 203,082 | 2,896,113 | ||||||
Hoegh Autoliners ASA | 96,725 | 1,142,804 | ||||||
International Seaways, Inc.(b) | 38,598 | 2,282,300 | ||||||
Kawasaki Kisen Kaisha Ltd. | 190,650 | 2,773,349 | ||||||
Matson, Inc. | 19,715 | 2,582,073 | ||||||
Mitsui OSK Lines Ltd. | 91,257 | 2,733,285 | ||||||
MPC Container Ships ASA | 224,868 | 475,396 | ||||||
Navigator Holdings Ltd. | 37,120 | 648,115 | ||||||
Nordic American Tankers Ltd. | 105,942 | 421,649 | ||||||
NS United Kaiun Kaisha Ltd. | 12,137 | 381,781 | ||||||
Okeanis Eco Tankers Corp. (Acquired 12/16/2022 - 06/27/2024; Cost $637,491)(c) | 24,865 | 796,334 | ||||||
Orient Overseas International Ltd. | 163,401 | 2,651,703 | ||||||
Pacific Basin Shipping Ltd. | 2,583,547 | 814,039 | ||||||
Pan Ocean Co. Ltd. | 253,867 | 790,280 | ||||||
Pangaea Logistics Solutions Ltd. | 24,033 | 188,178 | ||||||
Safe Bulkers, Inc. | 56,631 | 329,592 | ||||||
Samudera Shipping Line Ltd. | 273,386 | 211,810 | ||||||
Scorpio Tankers, Inc. | 30,026 | 2,440,813 | ||||||
Seanergy Maritime Holdings Corp. | 10,660 | 105,214 | ||||||
SFL Corp. Ltd. | 69,854 | 969,573 | ||||||
SITC International Holdings Co. Ltd. | 1,081,858 | 2,937,648 | ||||||
Star Bulk Carriers Corp.(b) | 94,573 | 2,305,690 | ||||||
Stolt-Nielsen Ltd. | 27,010 | 1,281,057 | ||||||
Teekay Tankers Ltd. - Class A | 14,905 | 1,025,613 | ||||||
Wallenius Wilhelmsen ASA | 240,597 | 2,460,767 | ||||||
ZIM Integrated Shipping Services Ltd.(b) | 60,593 | 1,343,347 | ||||||
58,529,834 | ||||||||
TOTAL COMMON STOCKS (Cost $48,590,911) | 58,529,834 |
SHORT-TERM INVESTMENTS – 10.8% | ||||||||
Investments Purchased with Proceeds from Securities Lending – 10.8% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC(e)(f) | 6,353,959 | 6,353,959 | ||||||
6,353,959 | ||||||||
Money Market Funds - 0.0%(g) | Shares | |||||||
First American Government Obligations Fund - Class X, 5.23%(e) | 20 | 20 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $6,353,979) | 6,353,979 | |||||||
TOTAL INVESTMENTS – 110.2% (Cost $54,944,890) | $ | 64,883,813 | ||||||
Liabilities in Excess of Other Assets - (10.2)% | (6,000,759 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 58,883,054 |
Percentages are stated as a percent of net assets.
AG - Aktiengesellschaft |
ASA - Advanced Subscription Agreement |
PLC - Public Limited Company |
SA - Sociedad Anónima |
(a) | To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |
(b) | All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $6,177,788 which represented 10.5% of net assets. |
(c) | Security considered restricted. The total market value of these securities was $4,385,721 which represented 7.4% of the Fund’s net assets. |
(d) | Non-income producing security. |
(e) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
(f) | All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2024 is $6,353,959 which represented 10.8% of net assets. |
(g) | Represents less than 0.05% of net assets. |
Summary of Fair Value Exposure at June 30, 2024 (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 June 30, 2024:
SonicShares Global Shipping ETF
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 58,529,834 | $ | — | $ | — | $ | 58,529,834 | ||||||||
Investments Purchased with Proceeds from Securities Lending(a) | — | — | — | 6,353,959 | ||||||||||||
Money Market Funds | 20 | — | — | 20 | ||||||||||||
Total Investments | $ | 58,529,854 | $ | — | $ | — | $ | 64,883,813 |
Refer to the Schedule of Investments for additional information.
(a) | 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 listed in the Schedule of Investments. |