Emles Trust NPORT-P Emles Real Estate Credit ETF (Mar 2021 report)

Schedule of Investments	March 31, 2021 (Unaudited)
Emles Federal Contractors ETF

Schedule of Investments Summary Table

	Percentage of Investments (%)
Health Care		3.3
Industrials		64.8
Information Technology		29.4
Real Estate		2.5
Total		100.0

Portfolio holdings and allocations are subject to change. As of March 31, 2021, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.

Shares	Security Description	Value ($)
Common Stocks (99.9%)
Health Care (3.3%)
2,017	Emergent BioSolutions Inc.(a)		187,399
Industrials (64.7%)
3,592	Aerojet Rocketdyne Holdings, Inc.		168,680
1,287	AeroVironment, Inc.(a)		149,369
2,211	Cubic Corp.		164,874
2,884	General Dynamics Corp.		523,619
1,137	Huntington Ingalls Industries, Inc.		234,051
6,149	Kratos Defense & Security Solutions, Inc.(a)		167,745
2,645	L3Harris Technologies, Inc.		536,089
1,465	Lockheed Martin Corp.		541,319
1,663	Northrop Grumman Corp.		538,213
4,635	Parsons Corp.(a)		187,439
6,466	Raytheon Technologies Corp.		499,628
			3,711,026
Information Technology (29.4%)
3,303	Booz Allen Hamilton Holding Corp.		265,992
882	CACI International, Inc.(a)		217,554
5,342	KBR, Inc.		205,079
2,750	Leidos Holdings, Inc.		264,770
2,098	ManTech International Corp.		182,421
2,130	MAXIMUS, Inc.		189,655
6,118	Perspecta, Inc.		177,728
2,175	Science Applications International Corp.		181,808
			1,685,007
Real Estate (2.5%)
18,191	GEO Group, Inc. (The)		141,162
Total Common Stocks (Cost $5,077,202)			5,724,594
Total Investments (Cost $5,077,202) — 99.9%			5,724,594
Other assets in excess of liabilities — 0.1%			4,691
Net Assets — 100.0%		$	5,729,285

(a) Non-income producing

Schedule of Investments	March 31, 2021 (Unaudited)
Emles Luxury Goods ETF

Schedule of Investments Summary Table
	Percentage of Investments (%)
Consumer Discretionary		78.3
Consumer Staples		17.6
Information Technology		4.1
Total		100.0

Portfolio holdings and allocations are subject to change. As of March 31, 2021, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.

Shares		Security Description	Value ($)
Common Stocks (99.9%)
Consumer Discretionary (78.2%)
	291	adidas AG(a)		91,043
	1,044	Bayerische Motoren Werke AG		108,553
	2,193	Burberry Group PLC(a)		57,442
	1,267	Canada Goose Holdings, Inc.(a)		49,728
	1,073	Capri Holdings, Ltd.(a)		54,723
	981	Cie Financiere Richemont SA		94,582
	1,329	Daimler AG		118,726
	635	EssilorLuxottica SA ADR		51,778
	1,129	Farfetch, Ltd.(a)		59,860
	131	Fast Retailing Co., Ltd. ADR		10,490
	405	Ferrari NV		84,759
	100	Hermes International ADR		11,100
	1,400	HUGO BOSS AG		55,072
	163	Kering SA ADR		11,252
	10,625	Li Ning Co., Ltd.		69,016
	263	Lululemon Athletica, Inc.(a)		80,665
	170	LVMH Moet Hennessy Louis Vuitton SE ADR		22,753
	1,631	MYT Netherlands Parent BV ADR(a)		46,092
	811	NIKE, Inc.		107,775
	652	Peloton Interactive, Inc.(a)		73,310
	804	Porsche Automobil Holding SE		85,441
	4,070	Prada SpA ADR(a)(b)		52,177
	490	Ralph Lauren Corp.(a)		60,348
	2,359	RealReal, Inc. (The)(a)		53,384
	126	RH(a)		75,172
	213	Swatch Group AG (The)		61,536
	1,397	Tapestry, Inc.(a)		57,570
	164	Tesla, Inc.(a)		109,541
	499	Volkswagen AG		139,933
	5,781	Watches of Switzerland Group PLC(a)(c)		52,721
	448	Williams-Sonoma, Inc.		80,281
	817	YETI Holdings, Inc.(a)		58,996
	701	Zalando SE(a)(c)		68,909
				2,214,728
Consumer Staples (17.6%)
	1,083	Brown-Forman Corp.		74,695
	2,747	Diageo PLC		113,302
	381	Estee Lauder Cos., Inc. (The)		110,814
	1,183	Kao Corp. ADR		15,687
	370	Kose Corp. ADR		10,499
	298	L’Oreal SA ADR		22,839
	6,963	Natura & Co. Holding SA(a)		59,265
	476	Pernod Ricard SA ADR		17,783
	253	Remy Cointreau SA ADR		4,681

Schedule of Investments (continued)	March 31, 2021 (Unaudited)
Emles Luxury Goods ETF

Shares		Security Description	Value ($)
Common Stocks (continued)
Consumer Staples (continued)
	1,017	Shiseido Co., Ltd. ADR		68,830
				498,395
Information Technology (4.1%)
	939	Apple, Inc.		114,699
Total Common Stocks (Cost $2,533,175)				2,827,822
Warrants (0.0%)
Consumer Discretionary (0.0%)
	1,480	Cie Financiere Richemont SA Exp 11/22/23		566
Total Warrants (Cost $–)				566
Total Investments (Cost $2,533,175) — 99.9%				2,828,388
Other assets in excess of liabilities — 0.1%				2,908
Net Assets — 100.0%			$	2,831,296

(a)	Non-income producing
(b)	This security has been deemed illiquid and represents 1.8% of the Fund’s net assets.
(c)	Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. The aggregate value of these securities at March 31, 2021 was $121,630 which represents 4.3% of the net assets of the Fund.

ADR	American Depositary Receipt
SA	Special Assessment

Schedule of Investments (continued)	March 31, 2021 (Unaudited)
Emles Luxury Goods ETF

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of the investments as of March 31, 2021:

Country	Percentage (%)
Brazil		2.1
Canada		4.6
China		2.4
France		5.0
Germany		25.3
Italy		4.8
Japan		3.7
Switzerland		5.6
United Kingdom		12.0
United States		34.5
		100.0

Schedule of Investments	March 31, 2021 (Unaudited)
Emles Made in America ETF

Schedule of Investments Summary Table

	Percentage of Investments (%)
Consumer Discretionary		2.8
Consumer Staples		44.3
Health Care		1.3
Industrials		24.7
Information Technology		1.0
Materials		25.9
Total		100.0

Portfolio holdings and allocations are subject to change. As of March 31, 2021, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.

Shares	Security Description	Value ($)
Common Stocks (99.8%)
Consumer Discretionary (2.7%)
614	La-Z-Boy, Inc.		26,083
334	LCI Industries		44,182
822	Polaris, Inc.		109,737
448	Winnebago Industries, Inc.		34,366
			214,368
Consumer Staples (44.3%)
7,788	Altria Group, Inc.		398,434
5,154	Campbell Soup Co.		259,092
656	Central Garden & Pet Co.(a)		38,055
3,251	Church & Dwight Co., Inc.		283,975
1,668	Clorox Co. (The)		321,723
8,310	Conagra Brands, Inc.		312,456
3,601	Flowers Foods, Inc.		85,704
7,765	Hormel Foods Corp.		371,011
1,864	J M Smucker Co. (The)		235,852
11,135	Keurig Dr Pepper, Inc.		382,710
469	Lancaster Colony Corp.		82,244
1,095	Post Holdings, Inc.(a)		115,763
296	Sanderson Farms, Inc.		46,111
154	Seneca Foods Corp.(a)		7,252
951	TreeHouse Foods, Inc.(a)		49,680
5,012	Tyson Foods, Inc.		372,391
2,045	Vector Group, Ltd.		28,528
			3,390,981
Health Care (1.3%)
591	United Therapeutics Corp.(a)		98,857
Industrials (24.7%)
940	Advanced Drainage Systems, Inc.		97,187
1,028	Aerojet Rocketdyne Holdings, Inc.		48,275
225	American Woodmark Corp.(a)		22,181
345	Apogee Enterprises, Inc.		14,104
618	Atkore International Group, Inc.(a)		44,434
1,661	Cornerstone Building Brands, Inc.(a)		23,304
274	Encore Wire Corp.		18,394
1,839	Fortune Brands Home & Security, Inc.		176,212
2,156	General Dynamics Corp.		391,443
569	HNI Corp.		22,509
720	Hubbell, Inc.		134,561
534	Huntington Ingalls Industries, Inc.		109,924
674	Knoll, Inc.		11,128
500	Lennox International, Inc.		155,794
758	Mueller Industries, Inc.		31,343

Schedule of Investments (continued)	March 31, 2021 (Unaudited)
Emles Made in America ETF

Shares	Security Description	Value ($)
Common Stocks (continued)
Industrials (continued)
1,323	Navistar International Corp.(a)		58,252
1,243	Northrop Grumman Corp.		402,285
856	REV Group, Inc.		16,401
598	SPX Corp.(a)		34,845
334	Steel Partners Holdings, LP(a)		4,593
819	UFP Industries, Inc.		62,113
690	Wabash National Corp.		12,972
			1,892,254
Information Technology (1.0%)
2,262	SunPower Corp.(a)		75,664
Materials (25.8%)
220	Clearwater Paper Corp.(a)		8,276
556	Eagle Materials, Inc.		74,732
879	Forterra, Inc.(a)		20,437
210	Kaiser Aluminum Corp.		23,205
1,413	Louisiana-Pacific Corp.		78,365
831	Martin Marietta Materials, Inc.		279,066
3,973	Nucor Corp.		318,913
147	Olympic Steel, Inc.		4,329
1,258	Packaging Corp. of America		169,176
844	Reliance Steel & Aluminum Co.		128,533
739	Scotts Miracle-Gro Co. (The)		181,033
2,799	Steel Dynamics, Inc.		142,077
599	TimkenSteel Corp.(a)		7,038
222	US Concrete, Inc.(a)		16,277
1,758	Vulcan Materials Co.		296,663
3,495	Westrock Co.		181,915
692	Worthington Industries		46,426
			1,976,461
Total Common Stocks (Cost $6,628,895)			7,648,585
Total Investments (Cost $6,628,895) — 99.8%			7,648,585
Other assets in excess of liabilities — 0.2%			15,810
Net Assets — 100.0%		$	7,664,395

(a) Non-income producing

LP Limited Partnership

Schedule of Investments	March 31, 2021 (Unaudited)
Emles Protective Allocation ETF

Schedule of Investments Summary Table

	Percentage of Investments (%)
Communication Services		4.6
Consumer Discretionary		11.8
Consumer Staples		11.8
Health Care		17.9
Financials		6.9
Industrials		16.5
Information Technology		23.5
Purchased Put Options		2.8
U.S. Treasury Obligation		4.2
Total		100.0

Portfolio holdings and allocations are subject to change. As of March 31, 2021, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.

Shares	Security Description	Value ($)
Common Stocks (37.5%)
Communication Services (4.4%)
53	Alphabet, Inc., Class A(a)		109,314
1,937	Verizon Communications, Inc.		112,637
560	Walt Disney Co. (The)(a)		103,331
			325,282
Consumer Discretionary (3.1%)
377	Home Depot, Inc. (The)		115,079
484	McDonald’s Corp.		108,484
			223,563
Consumer Staples (3.0%)
1,219	Philip Morris International, Inc.		108,174
821	Walmart, Inc.		111,516
			219,690
Financials (4.5%)
484	Aon PLC, Class A		111,373
534	CME Group, Inc.		109,058
970	Intercontinental Exchange, Inc.		108,330
			328,761
Health Care (9.0%)
1,045	AbbVie, Inc.		113,090
1,740	Bristol-Myers Squibb Co.		109,847
492	Danaher Corp.		110,739
586	Eli Lilly & Co.		109,477
1,401	Merck & Co., Inc.		108,003
242	Thermo Fisher Scientific, Inc.		110,444
			661,600
Industrials (7.5%)
572	3M Co.		110,213
506	Honeywell International, Inc.		109,837
495	Illinois Tool Works, Inc.		109,652
306	Lockheed Martin Corp.		113,067
507	Union Pacific Corp.		111,748
			554,517
Information Technology (6.0%)
469	Microsoft Corp.		110,576
212	NVIDIA Corp.		113,194

Schedule of Investments (continued)	March 31, 2021 (Unaudited)
Emles Protective Allocation ETF

Shares or Principal Amount ($)	Security Description	Value ($)
Common Stocks (continued)
Information Technology (continued)
830	QUALCOMM, Inc.		110,050
517	Visa, Inc., Class A		109,464
			443,284
Total Common Stocks (Cost $2,702,924)			2,756,697
Corporate Bonds (51.2%)
Consumer Discretionary (8.2%)
129,000	Booking Holdings, Inc., 4.63%, 4/13/30, Callable 1/13/30 @ 100		150,168
163,000	Lowe’s Cos., Inc., 1.70%, 10/15/30, Callable 7/15/30 @ 100		152,989
143,000	NIKE, Inc., 2.85%, 3/27/30, Callable 12/27/29 @ 100		150,519
151,000	Starbucks Corp., 2.55%, 11/15/30, Callable 8/15/30 @ 100		151,188
			604,864
Consumer Staples (8.2%)
160,000	Coca-Cola Co. (The), 1.65%, 6/1/30		152,325
159,000	Costco Wholesale Corp., 1.60%, 4/20/30, Callable 1/20/30 @ 100		152,163
146,000	PepsiCo, Inc., 2.75%, 3/19/30, Callable 12/19/29 @ 100		151,924
140,000	Procter & Gamble Co. (The), 3.00%, 3/25/30		150,587
			606,999
Financials (2.1%)
167,000	S&P Global, Inc., 1.25%, 8/15/30, Callable 5/15/30 @ 100		152,779
Health Care (8.2%)
161,000	Gilead Sciences, Inc., 1.65%, 10/1/30, Callable 7/1/30 @ 100		151,007
153,000	Johnson & Johnson, 1.30%, 9/1/30, Callable 6/1/30 @ 100		143,483
138,000	Pfizer, Inc., 3.00%, 12/15/26		150,210

Schedule of Investments (continued)	March 31, 2021 (Unaudited)
Emles Protective Allocation ETF

Shares or Principal Amount ($)	Security Description	Value ($)
Corporate Bonds (continued)
Health Care (continued)
155,000	UnitedHealth Group, Inc., 2.00%, 5/15/30		151,979
			596,679
Industrials (8.1%)
147,000	Caterpillar, Inc., 2.60%, 4/9/30, Callable 1/9/30 @ 100		150,362
141,000	Deere & Co., 3.10%, 4/15/30, Callable 1/15/30 @ 100		150,706
134,000	Raytheon Technologies Corp., 4.13%, 11/16/28, Callable 8/16/28 @ 100		150,816
128,000	United Parcel Service, Inc., 4.45%, 4/1/30, Callable 1/1/30 @ 100		149,508
			601,392
Information Technology (16.4%)
166,000	Automatic Data Processing, Inc., 1.25%, 9/1/30, Callable 6/1/30 @ 100		151,967
143,000	Cisco Systems, Inc./Delaware, 2.50%, 9/20/26, Callable 6/20/26 @ 100		152,870
132,000	Intel Corp., 3.90%, 3/25/30, Callable 12/25/29 @ 100		149,714
139,000	International Business Machines Corp., 3.50%, 5/15/29		151,115
137,000	Mastercard, Inc., 3.35%, 3/26/30, Callable 12/26/29 @ 100		149,877
144,000	Oracle Corp., 2.95%, 4/1/30, Callable 1/1/30 @ 100		148,383
136,000	Salesforce.com, Inc., 3.70%, 4/11/28, Callable 1/11/28 @ 100		151,818
158,000	Texas Instruments, Inc., 1.75%, 5/4/30, Callable 2/4/30 @ 100		150,654
			1,206,398
Total Corporate Bonds (Cost $3,815,092)			3,769,111
Purchased Options (2.7%)
Total Purchased Options (Cost $220,216)			195,401
U.S. Treasury Obligations (4.0%)
U.S. Treasury Inflation Indexed Bonds
297,400	0.125%, 2/15/51		297,447
Total U.S. Treasury Obligation (Cost $293,780)			297,447
Total Investments (Cost $7,032,012) — 95.4%			7,018,656
Other assets in excess of liabilities — 4.6%			339,413
Net Assets — 100.0%		$	7,358,069

(a) Non-income producing

Schedule of Investments (continued)	March 31, 2021 (Unaudited)
Emles Protective Allocation ETF

Futures Contracts Purchased

Description	Number of Contracts	Expiration Date	Notional Amount ($)		Value and Unrealized Appreciation/ (Depreciation) ($)
Rough Rice (CBOT) Futures	5	5/14/21		131,800		670
Gold 100 Oz Futures	1	5/26/21		171,440		(3,140	)
Total				303,240		(2,470	)

Purchased Options

Exchange-traded options

Description	Put/Call	Number of Contracts	Notional Amount ($)(a)		Strike Price ($)		Expiration Date	Value ($)
Invesco QQQ Trust	Put	28		8,568		306.00	12/17/21		59,052
iShares Russell 2000 ETF	Put	40		8,840		221.00	12/17/21		76,100
SPDR S&P 500 ETF Trust	Put	31		11,687		377.00	12/17/21		60,249
Total									195,401

(a) Notional amount is expressed as the number of contracts multiplied by the strike price of the underlying asset.

ETF	Exchange-Traded Fund
SPDR	Standard & Poor’s Depository Receipts

Schedule of Investments	March 31, 2021 (Unaudited)
Emles Real Estate Credit ETF

Schedule of Investments Summary Table

	Percentage of Investments (%)
Communication Services		0.6
Consumer Discretionary		7.2
Financials		1.8
Real Estate		90.4
Total		100.0

Portfolio holdings and allocations are subject to change. As of March 31, 2021, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.

Principal Amount ($)	Security Description	Value ($)
Corporate Bonds (99.0%)
Communication Services (0.6%)
71,000	Lamar Media Corp., 3.75%, 2/15/28, Callable 2/15/23 @ 102		70,911
Consumer Discretionary (7.1%)
184,000	ESH Hospitality Inc, 5.25%, 5/1/25, Callable 5/24/21 @ 102(a)		187,680
85,000	Lennar Corp., 4.75%, 11/29/27, Callable 5/29/27 @ 100		97,590
151,000	NVR, Inc., 3.00%, 5/15/30, Callable 11/15/29 @ 100		154,873
52,000	PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100		59,800
133,000	Taylor Morrison Communities, Inc., 5.13%, 8/1/30, Callable 2/1/30 @ 100(a)		141,313
133,000	Toll Brothers Finance Corp., 3.80%, 11/1/29, Callable 8/1/29 @ 100		140,481
			781,737
Financials (1.8%)
109,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.88%, 10/1/28, Callable 10/1/23 @ 103(a)		115,568
75,000	SL Green Operating Partnership, LP, 3.25%, 10/15/22, Callable 9/15/22 @ 100		77,360
			192,928
Real Estate (89.5%)
138,000	Alexandria Real Estate Equities, Inc., 1.88%, 2/1/33, Callable 11/1/32 @ 100		125,353
92,000	Alexandria Real Estate Equities, Inc., 3.45%, 4/30/25, Callable 2/28/25 @ 100		99,702
102,000	Alexandria Real Estate Equities, Inc., 4.90%, 12/15/30, Callable 9/15/30 @ 100		120,407
118,000	American Tower Corp., 1.88%, 10/15/30, Callable 7/15/30 @ 100		110,306
109,000	American Tower Corp., 2.10%, 6/15/30, Callable 3/15/30 @ 100		103,583
114,000	American Tower Corp., 2.95%, 1/15/51, Callable 7/15/50 @ 100		100,451

Schedule of Investments (continued)	March 31, 2021 (Unaudited)
Emles Real Estate Credit ETF

Principal Amount ($)	Security Description	Value ($)
Corporate Bonds (continued)
Real Estate (continued)
153,000	American Tower Corp., 3.38%, 10/15/26, Callable 7/15/26 @ 100		165,244
230,000	American Tower Corp., 3.80%, 8/15/29, Callable 5/15/29 @ 100		250,258
138,000	American Tower Corp., 5.00%, 2/15/24		153,899
102,000	AvalonBay Communities, Inc., 2.30%, 3/1/30, Callable 12/1/29 @ 100		100,766
64,000	AvalonBay Communities, Inc., 3.20%, 1/15/28, Callable 10/15/27 @ 100, MTN		67,834
102,000	Boston Properties, LP, 2.90%, 3/15/30, Callable 12/15/29 @ 100		102,842
176,000	Boston Properties, LP, 3.25%, 1/30/31, Callable 10/30/30 @ 100		182,070
138,000	Boston Properties, LP, 4.50%, 12/1/28, Callable 9/1/28 @ 100		156,204
102,000	Brixmor Operating Partnership, LP, 3.85%, 2/1/25, Callable 11/1/24 @ 100		110,323
55,000	Brixmor Operating Partnership, LP, 3.90%, 3/15/27, Callable 12/15/26 @ 100		60,018
109,000	Brixmor Operating Partnership, LP, 4.13%, 5/15/29, Callable 2/15/29 @ 100		117,601
109,000	Camden Property Trust, 2.80%, 5/15/30, Callable 2/15/30 @ 100		111,736
155,000	Crown Castle International Corp., 2.25%, 1/15/31, Callable 10/15/30 @ 100		148,575
151,000	Crown Castle International Corp., 3.25%, 1/15/51, Callable 7/15/50 @ 100		138,545
109,000	Crown Castle International Corp., 3.30%, 7/1/30, Callable 4/1/30 @ 100		113,801
128,000	Crown Castle International Corp., 4.30%, 2/15/29, Callable 11/15/28 @ 100		143,164
92,000	CyrusOne, LP / Cyrusone Finance Corp., 3.45%, 11/15/29, Callable 8/15/29 @ 100		94,577
128,000	Digital Realty Trust, LP, 3.60%, 7/1/29, Callable 4/1/29 @ 100		137,453
138,000	Diversified Healthcare Trust, 9.75%, 6/15/25, Callable 6/15/22 @ 105		156,216

Schedule of Investments (continued)	March 31, 2021 (Unaudited)
Emles Real Estate Credit ETF

Principal Amount ($)	Security Description	Value ($)
Corporate Bonds (continued)
Real Estate (continued)
55,000	Duke Realty, LP, 2.88%, 11/15/29, Callable 8/15/29 @ 100		56,405
75,000	EPR Properties, 3.75%, 8/15/29, Callable 5/15/29 @ 100		70,974
64,000	EPR Properties, 4.50%, 6/1/27, Callable 3/1/27 @ 100		65,653
75,000	Equinix, Inc., 1.25%, 7/15/25, Callable 6/15/25 @ 100		74,342
137,000	Equinix, Inc., 2.95%, 9/15/51, Callable 3/15/51 @ 100		120,207
176,000	Equinix, Inc., 5.38%, 5/15/27, Callable 5/15/22 @ 103		189,271
92,000	ERP Operating, LP, 2.50%, 2/15/30, Callable 11/15/29 @ 100		92,258
75,000	ERP Operating, LP, 3.00%, 4/15/23, Callable 1/15/23 @ 100		78,339
92,000	ERP Operating, LP, 3.00%, 7/1/29, Callable 4/1/29 @ 100		95,681
55,000	ERP Operating, LP, 4.15%, 12/1/28, Callable 9/1/28 @ 100		61,779
50,000	Federal Realty Investment Trust, 3.50%, 6/1/30, Callable 3/1/30 @ 100		52,353
92,000	Federal Realty Investment Trust, 3.95%, 1/15/24, Callable 10/15/23 @ 100		99,562
102,000	GLP Capital, LP / GLP Financing II, Inc., 4.00%, 1/15/30, Callable 10/15/29 @ 100		106,106
138,000	GLP Capital, LP / GLP Financing II, Inc., 5.38%, 4/15/26, Callable 1/15/26 @ 100		154,865
75,000	GLP Capital, LP / GLP Financing II, Inc., 5.75%, 6/1/28, Callable 3/3/28 @ 100		86,518
84,000	Healthpeak Properties, Inc., 2.88%, 1/15/31, Callable 10/15/30 @ 100		84,620
93,000	Healthpeak Properties, Inc., 3.25%, 7/15/26, Callable 5/15/26 @ 100		100,424
109,000	Healthpeak Properties, Inc., 4.00%, 6/1/25, Callable 3/1/25 @ 100		120,441
109,000	Host Hotels & Resorts, LP, 3.50%, 9/15/30, Callable 6/15/30 @ 100		109,059
155,000	Iron Mountain, Inc., 4.50%, 2/15/31, Callable 2/15/26 @ 102(a)		153,233
184,000	Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 103(a)		189,851
63,000	Kilroy Realty, LP, 2.50%, 11/15/32, Callable 8/15/32 @ 100		59,113
55,000	Kimco Realty Corp., 2.70%, 3/1/24, Callable 1/1/24 @ 100		57,688
75,000	Kimco Realty Corp., 3.30%, 2/1/25, Callable 12/1/24 @ 100		80,331
109,000	MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 5.75%, 2/1/27, Callable 11/1/26 @ 100		120,165
55,000	Mid-America Apartments, LP, 3.75%, 6/15/24, Callable 3/15/24 @ 100		59,501
83,000	Mid-America Apartments, LP, 3.95%, 3/15/29, Callable 12/15/28 @ 100		91,537

Schedule of Investments (continued)	March 31, 2021 (Unaudited)
Emles Real Estate Credit ETF

Principal Amount ($)	Security Description	Value ($)
Corporate Bonds (continued)
Real Estate (continued)
128,000	MPT Operating Partnership, LP / MPT Finance Corp., 4.63%, 8/1/29, Callable 8/1/24 @ 102		134,660
93,000	Office Properties Income Trust, 4.50%, 2/1/25, Callable 11/1/24 @ 100		97,796
75,000	Omega Healthcare Investors, Inc., 3.63%, 10/1/29, Callable 7/1/29 @ 100		76,533
83,000	Omega Healthcare Investors, Inc., 4.75%, 1/15/28, Callable 10/15/27 @ 100		91,113
48,000	Outfront Media Capital LLC / Outfront Media Capital Corp., 4.25%, 1/15/29, Callable 1/15/24 @ 102(a)		46,211
109,000	Prologis, LP, 1.25%, 10/15/30, Callable 7/15/30 @ 100		98,783
138,000	Prologis, LP, 2.25%, 4/15/30, Callable 1/15/30 @ 100		136,353
74,000	Public Storage, 3.09%, 9/15/27, Callable 6/15/27 @ 100		80,122
53,000	Realogy Group LLC / Realogy Co-Issuer Corp., 7.63%, 6/15/25, Callable 6/15/22 @ 104(a)		57,865
92,000	Realty Income Corp., 3.00%, 1/15/27, Callable 10/15/26 @ 100		97,625
83,000	Realty Income Corp., 3.65%, 1/15/28, Callable 10/15/27 @ 100		90,635
75,000	Realty Income Corp., 3.88%, 4/15/25, Callable 2/15/25 @ 100		82,389
101,000	Realty Income Corp., 4.13%, 10/15/26, Callable 7/15/26 @ 100		114,189
74,000	Sabra Health Care, LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100		82,241
203,000	SBA Communications Corp., 3.88%, 2/15/27, Callable 2/15/23 @ 102		207,508
118,000	Service Properties Trust, 4.35%, 10/1/24, Callable 9/1/24 @ 100		117,308
118,000	Service Properties Trust, 7.50%, 9/15/25, Callable 6/15/25 @ 100		134,051
138,000	Simon Property Group, LP, 2.00%, 9/13/24, Callable 6/13/24 @ 100		142,814
109,000	Simon Property Group, LP, 2.65%, 7/15/30, Callable 4/15/30 @ 100		109,140
128,000	Simon Property Group, LP, 3.38%, 10/1/24, Callable 7/1/24 @ 100		137,620
109,000	Simon Property Group, LP, 3.38%, 12/1/27, Callable 9/1/27 @ 100		117,128
155,000	Simon Property Group, LP, 3.50%, 9/1/25, Callable 6/1/25 @ 100		167,752
64,000	SITE Centers Corp., 4.70%, 6/1/27, Callable 3/1/27 @ 100		69,869
64,000	Spirit Realty, LP, 3.20%, 2/15/31, Callable 11/15/30 @ 100		64,016
55,000	UDR, Inc., 2.10%, 8/1/32, Callable 5/1/32 @ 100		51,058
55,000	UDR, Inc., 3.00%, 8/15/31, Callable 5/15/31 @ 100		55,874

Schedule of Investments (continued)	March 31, 2021 (Unaudited)
Emles Real Estate Credit ETF

Principal Amount ($)	Security Description	Value ($)
Corporate Bonds (continued)
Real Estate (continued)
64,000	Ventas Realty, LP, 2.65%, 1/15/25, Callable 12/15/24 @ 100		66,830
64,000	Ventas Realty, LP, 3.25%, 10/15/26, Callable 7/15/26 @ 100		68,974
74,000	Ventas Realty, LP, 4.13%, 1/15/26, Callable 10/15/25 @ 100		82,880
74,000	Ventas Realty, LP, 4.75%, 11/15/30, Callable 8/15/30 @ 100		85,247
111,000	VEREIT Operating Partnership, LP, 2.85%, 12/15/32, Callable 9/15/32 @ 100		107,404
73,000	VEREIT Operating Partnership, LP, 4.63%, 11/1/25, Callable 9/1/25 @ 100		82,373
138,000	VICI Properties LP / VICI Note Co., Inc., 4.13%, 8/15/30, Callable 2/15/25 @ 102(a)		139,201
138,000	VICI Properties LP / VICI Note Co., Inc., 4.63%, 12/1/29, Callable 12/1/24 @ 102(a)		143,156
137,000	Welltower, Inc., 3.63%, 3/15/24, Callable 2/15/24 @ 100		147,454
147,000	Welltower, Inc., 4.00%, 6/1/25, Callable 3/1/25 @ 100		161,482
102,000	Welltower, Inc., 4.25%, 4/1/26, Callable 1/1/26 @ 100		114,541
110,000	Weyerhaeuser Co., 4.00%, 4/15/30, Callable 1/15/30 @ 100		121,512
74,000	WP Carey, Inc., 4.60%, 4/1/24, Callable 1/1/24 @ 100		81,360
			9,864,271
Total Corporate Bonds (Cost $11,096,033)			10,909,847
Total Investments (Cost $11,096,033) — 99.0%			10,909,847
Other assets in excess of liabilities — 1.0%			107,003
Net Assets — 100.0%		$	11,016,850

(a) Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. The Fund’s Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. The aggregate value of these securities at March 31, 2021 was $1,174,078 which represents 10.7% of the net assets of the Fund.

LLC	Limited Liability Company
LP	Limited Partnership
MTN	Medium-Term Note

Schedule of Investments	March 31, 2021 (Unaudited)
Emles @Home ETF

Schedule of Investments Summary Table

	Percentage of Investments (%)
Communication Services		28.3
Consumer Discretionary		26.0
Consumer Staples		3.2
Health Care		4.7
Industrials		7.4
Information Technology		30.4
Total		100.0

Portfolio holdings and allocations are subject to change. As of March 31, 2021, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.

Shares	Security Description	Value ($)
Common Stocks (100.0%)
Communication Services (28.3%)
2,144	Activision Blizzard, Inc.		199,392
3,502	Comcast Corp.		189,493
727	Facebook, Inc.(a)		214,124
508	Netflix, Inc.(a)		265,003
2,910	Twitter, Inc.(a)		185,163
2,393	Verizon Communications, Inc.		139,153
1,688	Walt Disney Co. (The)(a)		311,470
32,520	Zynga, Inc.(a)		332,029
			1,835,827
Consumer Discretionary (26.0%)
85	Amazon.com, Inc.(a)		262,997
3,723	Chegg, Inc.(a)		318,912
556	Domino’s Pizza, Inc.		204,491
902	Etsy, Inc.(a)		181,906
642	Lululemon Athletica, Inc.(a)		196,908
2,803	Peloton Interactive, Inc.(a)		315,169
3,876	TAL Education Group ADR(a)		208,723
			1,689,106
Consumer Staples (3.2%)
1,508	Walmart, Inc.		204,832
Health Care (4.7%)
1,670	Teladoc Health, Inc.(a)		303,523
Industrials (7.4%)
989	FedEx Corp.		280,915
1,629	XPO Logistics, Inc.(a)		200,856
			481,771
Information Technology (30.4%)
442	Adobe, Inc.(a)		210,114
2,055	Akamai Technologies, Inc.(a)		209,405
885	DocuSign, Inc.(a)		179,168
1,120	Microsoft Corp.		264,062
639	NVIDIA Corp.		341,182
1,308	PayPal Holdings, Inc.(a)		317,634
2,016	QUALCOMM, Inc.		267,301
561	Zoom Video Communications, Inc.(a)		180,244
			1,969,110
Total Common Stocks (Cost $6,526,450)			6,484,169
Total Investments (Cost $6,526,450) — 100.0%			6,484,169
Other assets in excess of liabilities — 0.0%			2,118
Net Assets — 100.0%		$	6,486,287

(a)	Non-income producing
ADR	American Depositary Receipt