Infusive US Trust NPORT-P Infusive(r) Compounding Global Equities Etf (Sep 2020 report)

Schedule of Investments

Infusive^® Compounding Global Equities ETF

September 30, 2020 (unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.9%
Belgium — 0.6%
Anheuser-Busch InBev SA/NV		3,196	$	173,242
Brazil — 0.4%
Ambev SA, ADR		34,556		78,096
Lojas Renner SA		8,900		62,608
				140,704
Canada — 1.4%
Alimentation Couche-Tard, Inc., Class B		4,057		140,837
Lululemon Athletica, Inc.*		518		170,614
Restaurant Brands International, Inc.		1,757		100,599
				412,050
China — 12.0%
Alibaba Group Holding Ltd., ADR*		5,184		1,523,992
Angel Yeast Co., Ltd., Class A		500		4,494
Anhui Kouzi Distillery Co., Ltd., Class A		300		2,242
ANTA Sports Products Ltd.		7,802		80,637
Baidu, Inc., ADR*		1,238		156,718
Beijing Kunlun Tech Co., Ltd., Class A		600		2,303
By-health Co., Ltd., Class A		900		2,786
China Feihe Ltd., 144A		26,154		60,677
China Tourism Group Duty Free Corp. Ltd., Class A		1,100		36,137
Chongqing Fuling Zhacai Group Co., Ltd., Class A		400		2,774
Foshan Haitian Flavouring & Food Co., Ltd., Class A		1,500		35,830
Fujian Sunner Development Co., Ltd., Class A		700		2,257
Guangdong Haid Group Co., Ltd., Class A		900		8,134
Jiangsu King's Luck Brewery JSC Ltd., Class A		700		4,582
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		800		14,735
Kweichow Moutai Co., Ltd., Class A		400		98,345
Luzhou Laojiao Co., Ltd., Class A		800		16,922
Mango Excellent Media Co., Ltd., Class A		1,000		9,932
Muyuan Foodstuff Co., Ltd., Class A		2,120		23,117
Shanghai Jahwa United Co., Ltd., Class A		400		2,222
Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A		500		14,602
Sichuan Swellfun Co., Ltd., Class A		300		2,851
Tencent Holdings Ltd.		18,663		1,231,758
Tencent Music Entertainment Group, ADR*		4,493		66,362
Vipshop Holdings Ltd., ADR*		3,837		60,011
Wanda Film Holding Co., Ltd., Class A*		1,200		3,148
Weibo Corp., ADR*		1,596		58,142
Wens Foodstuffs Group Co., Ltd., Class A		3,500		10,078
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., Class A		1,200		7,018
Wuliangye Yibin Co., Ltd., Class A		2,200		71,644
Zhejiang Century Huatong Group Co., Ltd., Class A*		4,200		5,892
				3,620,342
France — 4.2%
Danone SA		2,632		170,432
Kering SA		316		210,329
L'Oreal SA		927		301,764
LVMH Moet Hennessy Louis Vuitton SE		971		454,774
Vivendi SA		4,244		118,446
				1,255,745
Germany — 0.3%
Beiersdorf AG		736		83,718
Italy — 0.4%
Ferrari NV		636		116,831
Japan — 1.8%
Kao Corp.		2,121		158,517
Kobe Bussan Co., Ltd.		916		50,171
Nintendo Co., Ltd.		443		250,444
Nitori Holdings Co. Ltd.		467		96,692
				555,824
Netherlands — 0.8%
Heineken NV		1,316		117,098
Prosus NV*		1,418		130,864
				247,962
Spain — 0.5%
Industria de Diseno Textil SA		5,120		142,895
Sweden — 0.3%
Hennes & Mauritz AB, Class B		5,405		93,455
Switzerland — 3.8%
Nestle SA		9,702		1,154,630
United Kingdom — 4.2%
British American Tobacco PLC		8,577		307,979
Capri Holdings Ltd.*		3,426		61,668
Diageo PLC		8,671		297,062
Unilever NV		5,372		324,423
Unilever PLC		4,442		274,267
				1,265,399
United States — 69.2%
Alphabet, Inc., Class A*		874		1,280,934
Altria Group, Inc.		6,898		266,539
Amazon.com, Inc.*		736		2,317,465
Apple, Inc.		37,628		4,357,699
Beyond Meat, Inc.*		454		75,391
Boston Beer Co., Inc. (The), Class A*		84		74,202
Brown-Forman Corp., Class B		1,617		121,793
Campbell Soup Co.		1,468		71,007
Cinemark Holdings, Inc.		4,586		45,860

Schedule of Investments

Infusive^® Compounding Global Equities ETF (Continued)

September 30, 2020 (unaudited)

	Number of Shares		Value
United States (Continued)
Clorox Co. (The)		601	$	126,312
Coca-Cola Co. (The)		13,767		679,677
Colgate-Palmolive Co.		3,152		243,177
Conagra Brands, Inc.		2,769		98,881
Constellation Brands, Inc., Class A		787		149,144
Coty, Inc., Class A		13,163		35,540
Domino's Pizza, Inc.		236		100,366
Dunkin' Brands Group, Inc.		913		74,784
Estee Lauder Cos., Inc. (The), Class A		925		201,881
Etsy, Inc.*		731		88,911
Facebook, Inc., Class A*		5,145		1,347,476
Five Below, Inc.*		613		77,851
General Mills, Inc.		2,630		162,219
Hershey Co. (The)		781		111,949
JM Smucker Co. (The)		781		90,221
Kellogg Co.		1,490		96,239
Keurig Dr Pepper, Inc.		2,711		74,824
Kimberly-Clark Corp.		1,366		201,704
Kraft Heinz Co. (The)		3,436		102,908
Lamb Weston Holdings, Inc.		1,194		79,126
Mastercard, Inc., Class A		3,273		1,106,830
Match Group, Inc.*		1,183		130,899
McCormick & Co., Inc.		620		120,342
McDonald's Corp.		2,924		641,789
Mondelez International, Inc., Class A		5,300		304,485
Monster Beverage Corp.*		1,807		144,921
Netflix, Inc.*		1,474		737,044
PepsiCo, Inc.		4,814		667,220
Philip Morris International, Inc.		5,473		410,420
Planet Fitness, Inc., Class A*		1,131		69,692
RH*		194		74,228
Roku, Inc.*		639		120,643
Ross Stores, Inc.		1,635		152,578
Shake Shack, Inc., Class A*		983		63,384
Six Flags Entertainment Corp.		2,630		53,389
Sprouts Farmers Market, Inc.*		2,321		48,579
Stamps.Com, Inc.*		225		54,214
Starbucks Corp.		4,870		418,430
Stitch Fix, Inc., Class A*		2,059		55,861
Tapestry, Inc.		3,997		62,473
TJX Cos., Inc. (The)		4,618		256,992
Ulta Beauty, Inc.*		388		86,904
Vail Resorts, Inc.		349		74,676
Visa, Inc., Class A		5,734		1,146,628
Walt Disney Co. (The)		6,133		760,983
Wendy's Co. (The)		2,823		62,939
Williams-Sonoma, Inc.		734		66,383
Wingstop, Inc.		389		53,157
Yum! Brands, Inc.		1,445		131,928
				20,832,091
TOTAL COMMON STOCKS (Cost $25,656,607)				30,094,888
MONEY MARKET FUND — 0.0%
JPMorgan U.S. Government Money Market Fund, Capital Shares, 0.01%(a) (Cost $4,898)		4,898		4,898
TOTAL INVESTMENTS — 99.9% (Cost $25,661,505)			$	30,099,786
Other assets and liabilities, net — 0.1%				23,430
NET ASSETS — 100.0%			$	30,123,216

*	Non-income producing security.
(a)	Rate shown reflects the 7-day yield as of September 30, 2020.

ADR:	American Depositary Receipt
JSC	Joint Stock Company
144A:	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Schedule of Investments

Infusive^® Compounding Global Equities ETF (Continued)

September 30, 2020 (unaudited)

At September 30, 2020 the Infusive^® Compounding Global Equities ETF had the following sector diversification:

Sector Diversification	Market Value		As a % of Total Investments (excluding Cash Equivalents)
Consumer Staples	$	8,769,229		29.2	%
Consumer Discretionary		8,380,500		27.8
Information Technology		6,611,157		22.0
Communication Services		6,334,002		21.0
Total	$	30,094,888		100.0	%