Schedule of Investments
Infusive Compounding Global Equities ETF
March 31, 2020 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS — 99.3% | ||||||||
| Belgium — 0.5% | ||||||||
| Anheuser-Busch InBev SA/NV | 1,058 | $ | 46,981 | |||||
| Brazil — 0.3% | ||||||||
| Ambev SA, ADR | 7,528 | 17,314 | ||||||
| Magazine Luiza SA | 1,400 | 10,525 | ||||||
| 27,839 | ||||||||
| Canada — 0.9% | ||||||||
| Alimentation Couche-Tard, Inc., Class B | 1,275 | 29,695 | ||||||
| Lululemon Athletica, Inc.* | 161 | 30,518 | ||||||
| Restaurant Brands International, Inc. | 444 | 17,690 | ||||||
| 77,903 | ||||||||
| China — 10.6% | ||||||||
| Alibaba Group Holding Ltd., ADR* | 2,002 | 389,349 | ||||||
| ANTA Sports Products Ltd. | 2,009 | 14,761 | ||||||
| Baidu, Inc., ADR* | 393 | 39,610 | ||||||
| Fujian Sunner Development Co Ltd., Class A | 200 | 667 | ||||||
| iQIYI, Inc., ADR* | 387 | 6,889 | ||||||
| Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A | 300 | 3,550 | ||||||
| Kweichow Moutai Co., Ltd., Class A | 100 | 15,674 | ||||||
| Luzhou Laojiao Co., Ltd., Class A | 300 | 3,117 | ||||||
| Muyuan Foodstuff Co., Ltd., Class A | 500 | 8,621 | ||||||
| NetEase, Inc., ADR | 105 | 33,701 | ||||||
| Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A | 200 | 2,545 | ||||||
| Tech-Bank Food Co., Ltd., Class A* | 300 | 493 | ||||||
| Tencent Holdings Ltd. | 7,378 | 361,908 | ||||||
| Tencent Music Entertainment Group, ADR* | 565 | 5,684 | ||||||
| Vipshop Holdings Ltd., ADR* | 967 | 15,066 | ||||||
| Weibo Corp., ADR* | 208 | 6,887 | ||||||
| Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., Class A | 500 | 2,304 | ||||||
| Wuliangye Yibin Co., Ltd., Class A | 600 | 9,751 | ||||||
| Youzu Interactive Co., Ltd., Class A* | 200 | 530 | ||||||
| 921,107 | ||||||||
| France — 3.9% | ||||||||
| Danone SA | 862 | 55,464 | ||||||
| Kering SA | 105 | 54,829 | ||||||
| L'Oreal SA | 339 | 88,863 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 370 | 137,405 | ||||||
| 336,561 | ||||||||
| Germany — 0.6% | ||||||||
| adidas AG | 249 | 56,255 | ||||||
| Italy — 0.3% | ||||||||
| Ferrari NV | 191 | 29,665 | ||||||
| Japan — 1.4% | ||||||||
| Japan Tobacco, Inc. | 2,186 | 40,417 | ||||||
| Kao Corp. | 761 | 62,245 | ||||||
| Number of Shares | Value | |||||||
| Japan (Continued) | ||||||||
| Nintendo Co. Ltd. | 60 | $ | 23,126 | |||||
| 125,788 | ||||||||
| Spain — 0.5% | ||||||||
| Industria de Diseno Textil SA | 1,551 | 40,266 | ||||||
| Sweden — 0.2% | ||||||||
| Hennes & Mauritz AB, Class B | 1,299 | 16,782 | ||||||
| Switzerland — 4.5% | ||||||||
| Nestle SA | 3,829 | 393,565 | ||||||
| United Kingdom — 4.7% | ||||||||
| British American Tobacco PLC | 3,045 | 104,170 | ||||||
| Capri Holdings Ltd.* | 395 | 4,262 | ||||||
| Diageo PLC | 3,312 | 106,220 | ||||||
| Unilever NV | 2,147 | 105,552 | ||||||
| Unilever PLC | 1,695 | 85,656 | ||||||
| 405,860 | ||||||||
| United States — 70.9% | ||||||||
| Alphabet, Inc., Class A* | 321 | 372,986 | ||||||
| Altria Group, Inc. | 2,575 | 99,575 | ||||||
| Amazon.com, Inc.* | 412 | 803,285 | ||||||
| Apple, Inc. | 4,808 | 1,222,627 | ||||||
| Beyond Meat, Inc.* | 70 | 4,662 | ||||||
| Booking Holdings, Inc.* | 65 | 87,446 | ||||||
| Campbell Soup Co. | 330 | 15,233 | ||||||
| Clorox Co. (The) | 193 | 33,437 | ||||||
| Coca-Cola Co. (The) | 5,420 | 239,835 | ||||||
| Colgate-Palmolive Co. | 1,129 | 74,921 | ||||||
| Conagra Brands, Inc. | 806 | 23,648 | ||||||
| Constellation Brands, Inc., Class A | 241 | 34,550 | ||||||
| Domino's Pizza, Inc. | 71 | 23,009 | ||||||
| Estee Lauder Cos., Inc. (The), Class A | 307 | 48,917 | ||||||
| Etsy, Inc.* | 258 | 9,917 | ||||||
| Expedia Group, Inc. | 225 | 12,661 | ||||||
| Facebook, Inc., Class A* | 2,228 | 371,630 | ||||||
| Five Below, Inc.* | 120 | 8,446 | ||||||
| General Mills, Inc. | 872 | 46,015 | ||||||
| Hanesbrands, Inc. | 854 | 6,721 | ||||||
| Hershey Co. (The) | 225 | 29,813 | ||||||
| JM Smucker Co. (The) | 194 | 21,534 | ||||||
| Kellogg Co. | 410 | 24,596 | ||||||
| Kimberly-Clark Corp. | 475 | 60,738 | ||||||
| Kraft Heinz Co. (The) | 1,064 | 26,323 | ||||||
| Lamb Weston Holdings, Inc. | 248 | 14,161 | ||||||
| Mastercard, Inc., Class A | 1,309 | 316,202 | ||||||
| Match Group, Inc.* | 145 | 9,576 | ||||||
| McCormick & Co., Inc. | 192 | 27,112 | ||||||
| McDonald's Corp. | 1,171 | 193,625 | ||||||
| Mondelez International, Inc., Class A | 2,117 | 106,019 | ||||||
| Monster Beverage Corp.* | 596 | 33,531 | ||||||
| Netflix, Inc.* | 572 | 214,786 | ||||||
| NIKE, Inc., Class B | 1,778 | 147,112 | ||||||
| PepsiCo, Inc. | 1,929 | 231,673 | ||||||
| Philip Morris International, Inc. | 2,036 | 148,547 | ||||||
| Planet Fitness, Inc., Class A* | 169 | 8,230 | ||||||
| Roku, Inc.* | 161 | 14,084 | ||||||
Schedule of Investments
Infusive Compounding Global Equities ETF (Continued)
March 31, 2020 (unaudited)
| Number of Shares | Value | |||||||
| United States (Continued) | ||||||||
| Ross Stores, Inc. | 549 | $ | 47,747 | |||||
| Shake Shack, Inc., Class A* | 119 | 4,491 | ||||||
| SIX Flags Entertainment Corp. | 248 | 3,110 | ||||||
| Starbucks Corp. | 1,953 | 128,390 | ||||||
| Take-Two Interactive Software, Inc.* | 193 | 22,892 | ||||||
| Tapestry, Inc. | 555 | 7,187 | ||||||
| TJX Cos., Inc. (The) | 1,777 | 84,958 | ||||||
| Ulta Beauty, Inc.* | 94 | 16,516 | ||||||
| Vail Resorts, Inc. | 78 | 11,521 | ||||||
| VF Corp. | 500 | 27,040 | ||||||
| Visa, Inc., Class A | 2,294 | 369,609 | ||||||
| Walt Disney Co. (The) | 2,455 | 237,153 | ||||||
| Wendy's Co. (The) | 482 | 7,172 | ||||||
| Williams-Sonoma, Inc. | 176 | 7,483 | ||||||
| World Wrestling Entertainment, Inc., Class A | 185 | 6,277 | ||||||
| Yum! Brands, Inc. | 572 | 39,199 | ||||||
| 6,187,928 | ||||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $9,161,664) | 8,666,500 | |||||||
| MONEY MARKET FUND — 0.7% | ||||||||
| JPMorgan U.S. Government Money Market Fund, Capital Shares, 0.32%(a) (Cost $65,048) | 65,048 | 65,048 | ||||||
| TOTAL INVESTMENTS — 100.0% (Cost $9,226,712) | $ | 8,731,548 | ||||||
| Other assets and liabilities, net — 0.0%(b) | 3,678 | |||||||
| NET ASSETS — 100.0% | $ | 8,735,226 | ||||||
| * | Non-income producing security. |
| (a) | Rate shown reflects the 7-day yield as of March 31, 2020. |
| (b) | Amount is less than 0.05%. |
| ADR: | American Depositary Receipt |
At March 31, 2020 the Infusive Compounding Global Equities ETF had the following sector diversification:
| Sector Diversification | Market Value | As a % of Total Investments | ||||||
| Consumer Staples | $ | 2,525,400 | 28.9 | % | ||||
| Consumer Discretionary | 2,502,639 | 28.7 | ||||||
| Information Technology | 1,908,438 | 21.9 | ||||||
| Communication Services | 1,730,023 | 19.8 | ||||||
| Money Market Fund | 65,048 | 0.7 | ||||||
| Total | $ | 8,731,548 | 100.0 | % | ||||
Schedule of Investments
Infusive Compounding Global Equities ETF (Continued)
March 31, 2020 (unaudited)
| Fair Value Measurement The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows: |
| •Level 1— Quoted prices in active markets for identical assets. |
| •Level 2— Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| •Level 3— Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| The following is a summary of the valuations as of March 31, 2020, based upon the three levels defined above: |
| Infusive Compounding Global Equities ETF | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Common Stocks(c) | $ | 8,666,500 | $ | – | $ | – | $ | 8,666,500 | ||||||||
| Money Market Fund | 65,048 | – | – | 65,048 | ||||||||||||
| Total | $ | 8,731,548 | $ | – | $ | – | $ | 8,731,548 | ||||||||
| (c) | Refer to the Schedule of Investments for additional detailed categorizations. |
