Schedule of Investments | September 30, 2022 (Unaudited) |
Emles @Home ETF |
Schedule of Investments Summary Table
Holdings by Sector | Percentage of Investments (%) | |||
Information Technology | 46.8 | |||
Industrials | 16.5 | |||
Consumer Discretionary | 13.7 | |||
Communication Services | 13.0 | |||
Consumer Staples | 10.0 | |||
Total | 100.0 |
Country | Percentage of Investments (%) | |||
United States | 90.5 | |||
Canada | 6.0 | |||
Taiwan | 3.5 | |||
Total | 100.0 |
Portfolio holdings and allocations are subject to change. As of September 30, 2022, 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 ($) | |||||
Common Stocks (99.6%) | |||||||
Communication Services (12.9%) | |||||||
430 | Comcast Corp. | 12,612 | |||||
395 | Match Group, Inc.(a) | 18,861 | |||||
98 | Meta Platforms, Inc.(a) | 13,297 | |||||
595 | ROBLOX Corp., Class A(a) | 21,325 | |||||
973 | TripAdvisor, Inc.(a) | 21,484 | |||||
356 | Verizon Communications, Inc. | 13,517 | |||||
101,096 | |||||||
Consumer Discretionary (13.6%) | |||||||
437 | Etsy, Inc.(a) | 43,757 | |||||
298 | Expedia Group, Inc.(a) | 27,920 | |||||
74 | Lululemon Athletica, Inc.(a) | 20,687 | |||||
495 | YETI Holdings, Inc.(a) | 14,117 | |||||
106,481 | |||||||
Consumer Staples (10.0%) | |||||||
350 | Procter & Gamble Co. (The) | 44,188 | |||||
262 | Walmart, Inc. | 33,981 | |||||
78,169 | |||||||
Industrials (16.5%) | |||||||
958 | GXO Logistics, Inc.(a) | 33,587 | |||||
188 | Insperity, Inc. | 19,193 | |||||
136 | JB Hunt Transport Services, Inc. | 21,273 | |||||
608 | Korn Ferry | 28,546 | |||||
286 | TFI International, Inc. | 25,877 | |||||
128,476 | |||||||
Information Technology (46.6%) | |||||||
42 | Adobe, Inc.(a) | 11,558 | |||||
182 | Akamai Technologies, Inc.(a) | 14,618 | |||||
224 | Analog Devices, Inc. | 31,212 | |||||
254 | Apple, Inc. | 35,103 | |||||
48 | Broadcom, Inc. | 21,313 | |||||
209 | Crowdstrike Holdings, Inc., Class A(a) | 34,445 | |||||
171 | Microsoft Corp. | 39,826 | |||||
276 | NVIDIA Corp. | 33,504 | |||||
210 | Palo Alto Networks, Inc.(a) | 34,396 | |||||
258 | Paychex, Inc. | 28,950 | |||||
298 | QUALCOMM, Inc. | 33,668 |
Schedule of Investments (continued) | September 30, 2022 (Unaudited) |
Emles @Home ETF |
Shares | Security Description | Value ($) | |||||
Common Stocks (continued) | |||||||
Information Technology (continued) | |||||||
400 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 27,424 | |||||
118 | Workday, Inc., Class A(a) | 17,962 | |||||
363,979 | |||||||
Total Common Stocks (Cost $1,054,796) | 778,201 | ||||||
Total Investments (Cost $1,054,796) — 99.6% | 778,201 | ||||||
Other assets in excess of liabilities — 0.4% | 3,141 | ||||||
Net Assets — 100.0% | $ | 781,342 |
(a) | Non-income producing |
ADR | American Depositary Receipt |
Schedule of Investments | September 30, 2022 (Unaudited) |
Emles Made in America ETF |
Schedule of Investments Summary Table
Holdings by Sector | Percentage of Investments (%) | |||
Consumer Staples | 40.5 | |||
Industrials | 28.8 | |||
Materials | 24.4 | |||
Consumer Discretionary | 4.0 | |||
Health Care | 2.3 | |||
Total | 100.0 |
Portfolio holdings and allocations are subject to change. As of September 30, 2022, 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 (4.0%) | |||||||
134 | LCI Industries | 13,596 | |||||
228 | Polaris, Inc. | 21,808 | |||||
275 | Skyline Champion Corp.(a) | 14,539 | |||||
211 | Sleep Number Corp.(a) | 7,134 | |||||
392 | Vista Outdoor, Inc.(a) | 9,533 | |||||
217 | Winnebago Industries, Inc. | 11,547 | |||||
78,157 | |||||||
Consumer Staples (40.4%) | |||||||
2,349 | Altria Group, Inc. | 94,853 | |||||
49 | Boston Beer Co., Inc. (The), Class A(a) | 15,859 | |||||
1,066 | Campbell Soup Co. | 50,230 | |||||
205 | Central Garden & Pet Co.(a) | 7,388 | |||||
818 | Church & Dwight Co., Inc. | 58,438 | |||||
1,597 | Conagra Brands, Inc. | 52,110 | |||||
899 | Flowers Foods, Inc. | 22,196 | |||||
454 | Hershey Co. (The) | 100,093 | |||||
1,853 | Hormel Foods Corp. | 84,200 | |||||
367 | J M Smucker Co. (The) | 50,430 | |||||
2,759 | Keurig Dr Pepper, Inc. | 98,827 | |||||
119 | Lancaster Colony Corp. | 17,883 | |||||
256 | Post Holdings, Inc.(a) | 20,969 | |||||
842 | Reynolds Consumer Products, Inc. | 21,900 | |||||
158 | Seneca Foods Corp.(a) | 7,970 | |||||
332 | TreeHouse Foods, Inc.(a) | 14,084 | |||||
959 | Tyson Foods, Inc. | 63,227 | |||||
780,657 | |||||||
Health Care (2.3%) | |||||||
440 | Emergent BioSolutions, Inc.(a) | 9,236 | |||||
164 | United Therapeutics Corp.(a) | 34,338 | |||||
43,574 | |||||||
Industrials (28.8%) | |||||||
254 | Advanced Drainage Systems, Inc. | 31,590 | |||||
179 | American Woodmark Corp.(a) | 7,851 | |||||
231 | Apogee Enterprises, Inc. | 8,829 | |||||
247 | Arcosa, Inc. | 14,123 | |||||
203 | Atkore, Inc.(a) | 15,795 | |||||
386 | BWX Technologies, Inc. | 19,443 | |||||
115 | Encore Wire Corp. | 13,287 | |||||
469 | Fortune Brands Home & Security, Inc. | 25,181 | |||||
464 | General Dynamics Corp. | 98,447 | |||||
332 | HNI Corp. | 8,801 | |||||
175 | Hubbell, Inc. | 39,025 | |||||
145 | Huntington Ingalls Industries, Inc. | 32,117 |
Schedule of Investments (continued) | September 30, 2022 (Unaudited) |
Emles Made in America ETF |
Shares | Security Description | Value ($) | |||||
Common Stocks (continued) | |||||||
Industrials (continued) | |||||||
124 | Lennox International, Inc. | 27,611 | |||||
275 | Mueller Industries, Inc. | 16,346 | |||||
217 | Northrop Grumman Corp. | 102,059 | |||||
275 | Oshkosh Corp. | 19,330 | |||||
757 | REV Group, Inc. | 8,350 | |||||
202 | Simpson Manufacturing Co., Inc. | 15,837 | |||||
236 | SPX Technologies, Inc.(a) | 13,032 | |||||
213 | Steel Partners Holdings, LP | 8,840 | |||||
278 | UFP Industries, Inc. | 20,060 | |||||
576 | Wabash National Corp. | 8,963 | |||||
554,917 | |||||||
Materials (24.4%) | |||||||
224 | Clearwater Paper Corp.(a) | 8,422 | |||||
1,877 | Cleveland-Cliffs, Inc.(a) | 25,283 | |||||
172 | Eagle Materials, Inc. | 18,435 | |||||
365 | Louisiana-Pacific Corp. | 18,684 | |||||
199 | Martin Marietta Materials, Inc. | 64,096 | |||||
760 | Nucor Corp. | 81,312 | |||||
286 | Olympic Steel, Inc. | 6,524 | |||||
317 | Packaging Corp. of America | 35,596 | |||||
214 | Reliance Steel & Aluminum Co. | 37,324 | |||||
302 | Scotts Miracle-Gro Co. (The) | 12,911 | |||||
617 | Steel Dynamics, Inc. | 43,776 | |||||
562 | Summit Materials, Inc.(a) | 13,466 | |||||
418 | Vulcan Materials Co. | 65,923 | |||||
910 | Westrock Co. | 28,110 | |||||
287 | Worthington Industries, Inc. | 10,946 | |||||
470,808 | |||||||
Total Common Stocks (Cost $1,898,559) | 1,928,113 | ||||||
Total Investments (Cost $1,898,559) — 99.9% | 1,928,113 | ||||||
Other assets in excess of liabilities — 0.1% | 1,433 | ||||||
Net Assets — 100.0% | $ | 1,929,546 |
(a) | Non-income producing |
LP | Limited Partnership |
Schedule of Investments | September 30, 2022 (Unaudited) |
Emles Real Estate Credit ETF |
Schedule of Investments Summary Table
Holdings by Sector | Percentage of Investments (%) | |||
Real Estate | 89.6 | |||
Consumer Discretionary | 6.5 | |||
Industrials | 2.1 | |||
Financials | 1.1 | |||
Communication Services | 0.7 | |||
Total | 100.0 |
Portfolio holdings and allocations are subject to change. As of September 30, 2022, 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 (0.7%) | |||||||
31,000 | Lamar Media Corp., 3.75%, 2/15/28, Callable 2/15/23 @ 102 | 27,079 | |||||
Consumer Discretionary (6.4%) | |||||||
30,000 | D.R. Horton, Inc., 1.40%, 10/15/27, Callable 8/15/27 @ 100 | 24,215 | |||||
40,000 | Lennar Corp., 4.75%, 11/29/27, Callable 5/29/27 @ 100 | 36,978 | |||||
40,000 | MDC Holdings, Inc., 6.00%, 1/15/43, Callable 10/15/42 @ 100 | 30,080 | |||||
66,000 | NVR, Inc., 3.00%, 5/15/30, Callable 11/15/29 @ 100 | 53,862 | |||||
22,000 | PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100 | 21,344 | |||||
58,000 | Taylor Morrison Communities, Inc., 5.13%, 8/1/30, Callable 2/1/30 @ 100(a) | 46,818 | |||||
58,000 | Toll Brothers Finance Corp., 3.80%, 11/1/29, Callable 8/1/29 @ 100 | 46,933 | |||||
260,230 | |||||||
Financials (1.1%) | |||||||
49,000 | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.88%, 10/1/28, Callable 10/1/23 @ 103(a) | 42,617 | |||||
Industrials (2.1%) | |||||||
87,000 | CoreCivic, Inc., 8.25%, 4/15/26, Callable 4/15/24 @ 104 | 86,492 | |||||
Real Estate (88.7%) | |||||||
119,000 | Alexandria Real Estate Equities, Inc., 3.00%, 5/18/51, Callable 11/18/50 @ 100 | 72,093 | |||||
62,000 | Alexandria Real Estate Equities, Inc., 3.45%, 4/30/25, Callable 2/28/25 @ 100 | 59,402 | |||||
47,000 | Alexandria Real Estate Equities, Inc., 4.90%, 12/15/30, Callable 9/15/30 @ 100 | 44,427 | |||||
50,000 | American Tower Corp., 1.45%, 9/15/26, Callable 8/15/26 @ 100 | 42,553 | |||||
53,000 | American Tower Corp., 1.88%, 10/15/30, Callable 7/15/30 @ 100 | 39,204 |
Schedule of Investments (continued) | September 30, 2022 (Unaudited) |
Emles Real Estate Credit ETF |
Principal Amount ($) | Security Description | Value ($) | |||||
Corporate Bonds (continued) | |||||||
Real Estate (continued) | |||||||
49,000 | American Tower Corp., 2.10%, 6/15/30, Callable 3/15/30 @ 100 | 37,517 | |||||
118,000 | American Tower Corp., 3.38%, 10/15/26, Callable 7/15/26 @ 100 | 107,877 | |||||
100,000 | American Tower Corp., 3.80%, 8/15/29, Callable 5/15/29 @ 100 | 87,691 | |||||
47,000 | AvalonBay Communities, Inc., 2.30%, 3/1/30, Callable 12/1/29 @ 100 | 38,698 | |||||
29,000 | AvalonBay Communities, Inc., 3.20%, 1/15/28, Callable 10/15/27 @ 100, MTN | 26,364 | |||||
47,000 | Boston Properties, LP, 2.90%, 3/15/30, Callable 12/15/29 @ 100 | 37,785 | |||||
76,000 | Boston Properties, LP, 3.25%, 1/30/31, Callable 10/30/30 @ 100 | 61,813 | |||||
63,000 | Boston Properties, LP, 4.50%, 12/1/28, Callable 9/1/28 @ 100 | 58,006 | |||||
47,000 | Brixmor Operating Partnership, LP, 3.85%, 2/1/25, Callable 11/1/24 @ 100 | 45,169 | |||||
25,000 | Brixmor Operating Partnership, LP, 3.90%, 3/15/27, Callable 12/15/26 @ 100 | 22,750 | |||||
49,000 | Brixmor Operating Partnership, LP, 4.13%, 5/15/29, Callable 2/15/29 @ 100 | 42,575 | |||||
49,000 | Camden Property Trust, 2.80%, 5/15/30, Callable 2/15/30 @ 100 | 41,114 | |||||
55,000 | CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100 | 41,828 | |||||
50,000 | Crown Castle, Inc., 1.05%, 7/15/26, Callable 6/15/26 @ 100 | 42,252 | |||||
91,000 | Crown Castle, Inc., 2.10%, 4/1/31, Callable 1/1/31 @ 100 | 68,169 | |||||
65,000 | Crown Castle, Inc., 2.90%, 4/1/41, Callable 10/1/40 @ 100 | 42,208 | |||||
49,000 | Crown Castle, Inc., 3.30%, 7/1/30, Callable 4/1/30 @ 100 | 41,012 | |||||
58,000 | Crown Castle, Inc., 4.30%, 2/15/29, Callable 11/15/28 @ 100 | 53,185 | |||||
30,000 | CTR Partnership, LP/CareTrust Capital Corp., 3.88%, 6/30/28, Callable 3/30/28 @ 100(a) | 24,682 |
Schedule of Investments (continued) | September 30, 2022 (Unaudited) |
Emles Real Estate Credit ETF |
Principal Amount ($) | Security Description | Value ($) | |||||
Corporate Bonds (continued) | |||||||
Real Estate (continued) | |||||||
58,000 | Digital Realty Trust, LP, 3.60%, 7/1/29, Callable 4/1/29 @ 100 | 50,823 | |||||
25,000 | Duke Realty, LP, 2.88%, 11/15/29, Callable 8/15/29 @ 100 | 21,279 | |||||
35,000 | EPR Properties, 3.75%, 8/15/29, Callable 5/15/29 @ 100 | 26,891 | |||||
29,000 | EPR Properties, 4.50%, 6/1/27, Callable 3/1/27 @ 100 | 25,046 | |||||
35,000 | Equinix, Inc., 1.25%, 7/15/25, Callable 6/15/25 @ 100 | 31,306 | |||||
93,000 | Equinix, Inc., 1.45%, 5/15/26, Callable 4/15/26 @ 100 | 80,560 | |||||
30,000 | Equinix, Inc., 1.80%, 7/15/27, Callable 5/15/27 @ 100 | 25,083 | |||||
45,000 | Equinix, Inc., 3.40%, 2/15/52, Callable 8/15/51 @ 100 | 29,649 | |||||
42,000 | ERP Operating, LP, 2.50%, 2/15/30, Callable 11/15/29 @ 100 | 34,492 | |||||
42,000 | ERP Operating, LP, 3.00%, 7/1/29, Callable 4/1/29 @ 100 | 36,416 | |||||
25,000 | ERP Operating, LP, 4.15%, 12/1/28, Callable 9/1/28 @ 100 | 22,983 | |||||
40,000 | Extra Space Storage, LP, 2.55%, 6/1/31, Callable 3/1/31 @ 100 | 30,738 | |||||
20,000 | Federal Realty Investment Trust, 3.50%, 6/1/30, Callable 3/1/30 @ 100 | 17,006 | |||||
47,000 | GLP Capital, LP / GLP Financing II, Inc., 4.00%, 1/15/30, Callable 10/15/29 @ 100 | 39,252 | |||||
35,000 | GLP Capital, LP / GLP Financing II, Inc., 5.75%, 6/1/28, Callable 3/3/28 @ 100 | 32,774 | |||||
43,000 | Healthpeak Properties, Inc., 3.25%, 7/15/26, Callable 5/15/26 @ 100 | 40,063 | |||||
89,000 | Host Hotels & Resorts, LP, 3.50%, 9/15/30, Callable 6/15/30 @ 100 | 70,950 | |||||
50,000 | Howard Hughes Corp. (The), 4.38%, 2/1/31, Callable 2/1/26 @ 102(a) | 35,915 | |||||
70,000 | Iron Mountain, Inc., 4.50%, 2/15/31, Callable 2/15/26 @ 102(a) | 54,123 | |||||
28,000 | Kilroy Realty, LP, 2.50%, 11/15/32, Callable 8/15/32 @ 100 | 20,118 | |||||
35,000 | Kimco Realty Corp., 3.30%, 2/1/25, Callable 12/1/24 @ 100 | 33,627 | |||||
35,000 | Life Storage, LP, 3.88%, 12/15/27, Callable 9/15/27 @ 100 | 31,887 | |||||
25,000 | Mid-America Apartments, LP, 3.75%, 6/15/24, Callable 3/15/24 @ 100 | 24,449 | |||||
38,000 | Mid-America Apartments, LP, 3.95%, 3/15/29, Callable 12/15/28 @ 100 | 34,542 | |||||
58,000 | MPT Operating Partnership, LP / MPT Finance Corp., 4.63%, 8/1/29, Callable 8/1/24 @ 102 | 46,665 | |||||
30,000 | National Retail Properties, Inc., 3.50%, 4/15/51, Callable 10/15/50 @ 100 | 20,096 | |||||
43,000 | Office Properties Income Trust, 4.50%, 2/1/25, Callable 11/1/24 @ 100 | 38,229 |
Schedule of Investments (continued) | September 30, 2022 (Unaudited) |
Emles Real Estate Credit ETF |
Principal Amount ($) | Security Description | Value ($) | |||||
Corporate Bonds (continued) | |||||||
Real Estate (continued) | |||||||
35,000 | Omega Healthcare Investors, Inc., 3.63%, 10/1/29, Callable 7/1/29 @ 100 | 28,480 | |||||
38,000 | Omega Healthcare Investors, Inc., 4.75%, 1/15/28, Callable 10/15/27 @ 100 | 34,848 | |||||
23,000 | Outfront Media Capital LLC / Outfront Media Capital Corp., 4.25%, 1/15/29, Callable 1/15/24 @ 102(a) | 18,066 | |||||
50,000 | Physicians Realty, LP, 2.63%, 11/1/31, Callable 8/1/31 @ 100 | 37,913 | |||||
49,000 | Prologis, LP, 1.25%, 10/15/30, Callable 7/15/30 @ 100 | 36,496 | |||||
63,000 | Prologis, LP, 2.25%, 4/15/30, Callable 1/15/30 @ 100 | 51,439 | |||||
34,000 | Public Storage, 3.09%, 9/15/27, Callable 6/15/27 @ 100 | 31,127 | |||||
42,000 | Realty Income Corp., 3.00%, 1/15/27, Callable 10/15/26 @ 100 | 38,209 | |||||
38,000 | Realty Income Corp., 3.65%, 1/15/28, Callable 10/15/27 @ 100 | 34,901 | |||||
35,000 | Realty Income Corp., 3.88%, 4/15/25, Callable 2/15/25 @ 100 | 34,042 | |||||
21,000 | Realty Income Corp., 4.13%, 10/15/26, Callable 7/15/26 @ 100 | 20,114 | |||||
44,000 | Realty Income Corp., 4.63%, 11/1/25, Callable 9/1/25 @ 100 | 43,332 | |||||
30,000 | Regency Centers, LP, 4.40%, 2/1/47, Callable 8/1/46 @ 100 | 23,299 | |||||
34,000 | Sabra Health Care, LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100 | 31,911 | |||||
88,000 | SBA Communications Corp., 3.88%, 2/15/27, Callable 2/15/23 @ 102 | 78,597 | |||||
53,000 | Service Properties Trust, 4.35%, 10/1/24, Callable 9/1/24 @ 100 | 46,612 | |||||
53,000 | Service Properties Trust, 7.50%, 9/15/25, Callable 6/15/25 @ 100 | 49,555 | |||||
63,000 | Simon Property Group, LP, 2.00%, 9/13/24, Callable 6/13/24 @ 100 | 59,515 | |||||
40,000 | Simon Property Group, LP, 2.20%, 2/1/31, Callable 11/1/30 @ 100 | 30,548 | |||||
49,000 | Simon Property Group, LP, 2.65%, 7/15/30, Callable 4/15/30 @ 100 | 39,496 | |||||
49,000 | Simon Property Group, LP, 3.38%, 12/1/27, Callable 9/1/27 @ 100 | 44,247 | |||||
70,000 | Simon Property Group, LP, 3.50%, 9/1/25, Callable 6/1/25 @ 100 | 66,846 | |||||
29,000 | SITE Centers Corp., 4.70%, 6/1/27, Callable 3/1/27 @ 100 | 26,890 | |||||
29,000 | Spirit Realty, LP, 3.20%, 2/15/31, Callable 11/15/30 @ 100 | 22,563 | |||||
75,000 | UDR, Inc., 2.10%, 8/1/32, Callable 5/1/32 @ 100 | 54,150 | |||||
25,000 | UDR, Inc., 3.00%, 8/15/31, Callable 5/15/31 @ 100 | 19,901 |
Schedule of Investments (continued) | September 30, 2022 (Unaudited) |
Emles Real Estate Credit ETF |
Principal Amount ($) | Security Description | Value ($) | |||||
Corporate Bonds (continued) | |||||||
Real Estate (continued) | |||||||
29,000 | Ventas Realty, LP, 2.65%, 1/15/25, Callable 12/15/24 @ 100 | 27,277 | |||||
29,000 | Ventas Realty, LP, 3.25%, 10/15/26, Callable 7/15/26 @ 100 | 26,626 | |||||
34,000 | Ventas Realty, LP, 4.13%, 1/15/26, Callable 10/15/25 @ 100 | 32,554 | |||||
34,000 | Ventas Realty, LP, 4.75%, 11/15/30, Callable 8/15/30 @ 100 | 31,294 | |||||
63,000 | VICI Properties, LP / VICI Note Co., Inc., 4.13%, 8/15/30, Callable 2/15/25 @ 102(a) | 52,619 | |||||
63,000 | VICI Properties, LP / VICI Note Co., Inc., 4.63%, 12/1/29, Callable 12/1/24 @ 102(a) | 54,722 | |||||
49,000 | VICI Properties, LP / VICI Note Co., Inc., 5.75%, 2/1/27, Callable 11/1/26 @ 100(a) | 46,172 | |||||
15,000 | Welltower, Inc., 2.75%, 1/15/31, Callable 10/15/30 @ 100 | 11,852 | |||||
67,000 | Welltower, Inc., 4.00%, 6/1/25, Callable 3/1/25 @ 100 | 64,228 | |||||
47,000 | Welltower, Inc., 4.25%, 4/1/26, Callable 1/1/26 @ 100 | 45,055 | |||||
50,000 | Weyerhaeuser Co., 4.00%, 4/15/30, Callable 1/15/30 @ 100 | 44,199 | |||||
34,000 | WP Carey, Inc., 4.60%, 4/1/24, Callable 1/1/24 @ 100 | 33,743 | |||||
3,606,774 | |||||||
Total Corporate Bonds (Cost $4,901,614) | 4,023,192 | ||||||
Total Investments (Cost $4,901,614) — 99.0% | 4,023,192 | ||||||
Other assets in excess of liabilities — 1.0% | 40,970 | ||||||
Net Assets — 100.0% | $ | 4,064,162 |
(a) | Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. The Fund’s Advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. The aggregate value of these securities at September 30, 2022 was $375,734 and represents 9.3% of the net assets of the fund. |
LLC | Limited Liability Corporation |
LP | Limited Partnership |
MTN | Medium Term Note |
Schedule of Investments Emles Luxury Goods ETF | September 30, 2022 (Unaudited) |
Schedule of Investments Summary Table
Holdings by Sector | Percentage of Investments (%) | |||
Consumer Discretionary | 70.4 | |||
Consumer Staples | 21.7 | |||
Information Technology | 7.8 | |||
Short-Term Investment | 0.1 | |||
Total | 100.0 |
Country | Percentage of Investments (%) | |||
United States | 27.8 | |||
France | 26.5 | |||
Italy | 11.3 | |||
Germany | 11.2 | |||
Japan | 6.8 | |||
United Kingdom | 6.5 | |||
Switzerland | 3.3 | |||
Canada | 2.5 | |||
Hong Kong | 1.6 | |||
China | 1.4 | |||
Brazil | 1.1 | |||
Total | 100.0 |
Portfolio holdings and allocations are subject to change. As of September 30, 2022, percentages in the tables above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.
Shares | Security Description | Value ($) | |||||
Common Stocks (99.3%) | |||||||
Consumer Discretionary (70.0%) | |||||||
550 | Adidas AG | 64,054 | |||||
1,278 | Bayerische Motoren Werke AG | 87,627 | |||||
1,044 | Brunello Cucinelli SpA | 51,189 | |||||
3,011 | Burberry Group PLC | 60,770 | |||||
2,864 | Canada Goose Holdings, Inc.(a) | 43,813 | |||||
1,196 | Capri Holdings, Ltd.(a) | 45,974 | |||||
37,993 | Chow Tai Fook Jewellery Group, Ltd. | 71,534 | |||||
255 | Christian Dior SE | 148,763 | |||||
999 | Cie Financiere Richemont SA | 95,693 | |||||
5,247 | Ermenegildo Zegna Holditalia SpA | 56,405 | |||||
757 | EssilorLuxottica SA | 104,083 | |||||
1,935 | Fast Retailing Co., Ltd. ADR | 102,652 | |||||
447 | Ferrari NV | 83,946 | |||||
140 | Hermes International | 166,913 | |||||
1,023 | HUGO BOSS AG | 48,165 | |||||
212 | Kering SA | 95,234 | |||||
8,641 | Li Ning Co., Ltd. | 66,157 | |||||
254 | Lululemon Athletica, Inc.(a) | 71,008 | |||||
561 | LVMH Moet Hennessy Louis Vuitton SE | 335,467 | |||||
1,966 | Mercedes-Benz Group AG | 100,826 | |||||
1,423 | Moncler SpA | 59,094 | |||||
4,100 | MYT Netherlands Parent BV ADR(a) | 47,232 | |||||
1,655 | NIKE, Inc. | 137,564 | |||||
909 | Porsche Automobil Holding SE | 51,792 | |||||
11,976 | Prada SpA | 55,533 | |||||
585 | Ralph Lauren Corp. | 49,684 | |||||
2,054 | Revolve Group, Inc.(a) | 44,551 | |||||
216 | RH(a) | 53,151 | |||||
3,510 | Salvatore Ferragamo SpA | 49,722 | |||||
1,551 | Sanlorenzo SpA Ameglia | 50,066 | |||||
251 | Swatch Group AG (The) | 57,251 |
Schedule of Investments (continued) Emles Luxury Goods ETF | September 30, 2022 (Unaudited) |
Shares | Security Description | Value ($) | |||||
Common Stocks (continued) | |||||||
Consumer Discretionary (continued) | |||||||
1,719 | Tapestry, Inc. | 48,871 | |||||
1,383 | Tesla, Inc.(a) | 366,841 | |||||
1,303 | Tod’s SpA(a) | 53,587 | |||||
541 | Volkswagen AG | 66,991 | |||||
5,604 | Watches of Switzerland Group PLC(a)(b) | 42,163 | |||||
410 | Williams-Sonoma, Inc. | 48,318 | |||||
2,562 | Zalando SE(a)(b) | 50,775 | |||||
3,233,459 | |||||||
Consumer Staples (21.6%) | |||||||
998 | Brown-Forman Corp. | 66,437 | |||||
6,592 | Davide Campari-Milano NV | 58,844 | |||||
3,618 | Diageo PLC | 153,372 | |||||
433 | Estee Lauder Cos., Inc. (The) | 93,485 | |||||
8,752 | Kao Corp. ADR | 71,241 | |||||
3,270 | Kose Corp. ADR | 67,493 | |||||
661 | L’Oreal SA | 213,853 | |||||
18,720 | Natura & Co. Holding SA | 50,980 | |||||
517 | Pernod Ricard SA | 95,649 | |||||
336 | Remy Cointreau SA | 56,254 | |||||
1,963 | Shiseido Co., Ltd. ADR | 68,921 | |||||
996,529 | |||||||
Information Technology (7.7%) | |||||||
2,589 | Apple, Inc. | 357,800 | |||||
Total Common Stocks (Cost $6,165,681) | 4,587,788 | ||||||
Short-Term Investment (0.1%) | |||||||
290 | iPath S&P 500 VIX Short-Term Futures ETN | 6,151 | |||||
Total Short-Term Investment (Cost $6,397) | 6,151 | ||||||
Total Investments (Cost $6,172,078) — 99.4% | 4,593,939 | ||||||
Other assets in excess of liabilities — 0.6% | 23,953 | ||||||
Net Assets — 100.0% | $ | 4,617,892 |
(a) | Non-income producing |
(b) | Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. The Fund’s Advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. The aggregate value of these securities at September 30, 2022 was $92,938 and represents 2.0% of the net assets of the fund. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
SA | Special Assessment |
Schedule of Investments | September 30, 2022 (Unaudited) |
Emles Federal Contractors ETF |
Schedule of Investments Summary Table
Holdings by Sector | Percentage of Investments (%) | |||
Industrials | 68.3 | |||
Information Technology | 24.7 | |||
Health Care | 4.7 | |||
Real Estate | 2.0 | |||
Short-Term Investment | 0.3 | |||
Total | 100.0 |
Portfolio holdings and allocations are subject to change. As of September 30, 2022, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.
Shares | Security Description | Value ($) | |||||
Common Stocks (99.6%) | |||||||
Health Care (4.7%) | |||||||
5,758 | Emergent BioSolutions, Inc.(a) | 120,860 | |||||
2,196 | Quidelortho Corp.(a) | 156,970 | |||||
277,830 | |||||||
Industrials (68.3%) | |||||||
1,953 | Ameresco, Inc.(a) | 129,835 | |||||
6,113 | Fluor Corp.(a) | 152,153 | |||||
2,516 | General Dynamics Corp. | 533,820 | |||||
973 | Huntington Ingalls Industries, Inc. | 215,519 | |||||
1,361 | ICF International, Inc. | 148,376 | |||||
2,475 | Jacobs Solutions, Inc. | 268,513 | |||||
11,292 | Kratos Defense & Security Solutions, Inc.(a) | 114,727 | |||||
2,451 | L3Harris Technologies, Inc. | 509,391 | |||||
1,365 | Lockheed Martin Corp. | 527,286 | |||||
1,170 | Northrop Grumman Corp. | 550,274 | |||||
4,064 | Parsons Corp.(a) | 159,309 | |||||
6,617 | Raytheon Technologies Corp. | 541,668 | |||||
1,472 | Tetra Tech, Inc. | 189,196 | |||||
4,040,067 | |||||||
Information Technology (24.6%) | |||||||
2,778 | Booz Allen Hamilton Holding Corp. | 256,548 | |||||
702 | CACI International, Inc.(a) | 183,264 | |||||
4,091 | KBR, Inc. | 176,813 | |||||
2,852 | Leidos Holdings, Inc. | 249,464 | |||||
2,687 | Maximus, Inc. | 155,497 | |||||
1,899 | Science Applications International Corp. | 167,929 | |||||
795 | Teledyne Technologies, Inc.(a) | 268,289 | |||||
1,457,804 | |||||||
Real Estate (2.0%) | |||||||
15,705 | GEO Group, Inc. (The)(a) | 120,929 | |||||
Total Common Stocks (Cost $6,453,918) | 5,896,630 | ||||||
Short-Term Investment (0.3%) | |||||||
760 | iPath S&P 500 VIX Short-Term Futures ETN | 16,120 | |||||
Total Short-Term Investment (Cost $16,339) | 16,120 | ||||||
Total Investments (Cost $6,470,257) — 99.9% | 5,912,750 | ||||||
Other assets in excess of liabilities — 0.1% | 5,194 | ||||||
Net Assets — 100.0% | $ | 5,917,944 |
(a) | Non-income producing |
Schedule of Investments | September 30, 2022 (Unaudited) |
Emles Alpha Opportunities ETF |
Schedule of Investments Summary Table
Holdings by Sector | Percentage of Investments (%) | |||
Consumer Discretionary | 69.0 | |||
Short-Term Investment | 10.6 | |||
Communication Services | 6.1 | |||
Industrials | 5.2 | |||
Information Technology | 4.7 | |||
Financials | 1.7 | |||
Warrants | 1.5 | |||
Consumer Staples | 0.9 | |||
Real Estate | 0.2 | |||
Purchased Options | 0.1 | |||
Total | 100.0 |
Country | Percentage of Investments (%) | |||
United States | 96.5 | |||
China | 3.3 | |||
Cayman Islands | 0.2 | |||
Total | 100.0 |
Portfolio holdings and allocations are subject to change. As of September 30, 2022, 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 ($) | |||||
Common Stocks (89.7%) | |||||||
Communication Services (6.2%) | |||||||
12,402 | Altice USA, Inc., Class A(a) | 72,304 | |||||
189,810 | Lions Gate Entertainment Corp., Class A(a) | 1,410,288 | |||||
89,410 | Lions Gate Entertainment Corp., Class B(a) | 621,400 | |||||
2,103,992 | |||||||
Consumer Discretionary (70.6%) | |||||||
11,042 | Alibaba Group Holding, Ltd. ADR(a) | 883,250 | |||||
7,752 | Big Lots, Inc. | 121,009 | |||||
8,800 | Bloomin’ Brands, Inc. | 161,304 | |||||
4,731 | Brinker International, Inc.(a) | 118,180 | |||||
3,520 | Caesars Entertainment, Inc.(a) | 113,555 | |||||
114,620 | Camping World Holdings, Inc., Class A | 2,902,178 | |||||
6,160 | Cheesecake Factory, Inc. (The) | 180,365 | |||||
80,056 | Children’s Place, Inc. (The)(a) | 2,472,930 | |||||
2,953 | Darden Restaurants, Inc. | 373,023 | |||||
3,826 | Dave & Buster’s Entertainment, Inc.(a) | 118,721 | |||||
17,384 | Dine Brands Global, Inc. | 1,104,928 | |||||
17,600 | Ethan Allen Interiors, Inc. | 372,064 | |||||
42,474 | Gap, Inc. (The) | 348,712 | |||||
1,924 | Hibbett, Inc. | 95,834 | |||||
90,901 | Kohl’s Corp. | 2,286,160 | |||||
253,900 | Lazydays Holdings, Inc.(a) | 3,427,650 | |||||
2,640 | Lennar Corp., Class A | 196,812 | |||||
26,772 | Macy’s, Inc. | 419,517 | |||||
880 | Marriott International, Inc., Class A | 123,323 | |||||
14,320 | MGM Resorts International | 425,590 | |||||
2,200 | Mohawk Industries, Inc.(a) | 200,618 | |||||
14,215 | Newell Brands, Inc. | 197,446 | |||||
8,800 | Nordstrom, Inc. | 147,224 | |||||
23,592 | Party City Holdco, Inc.(a) | 37,275 |
Schedule of Investments (continued) | September 30, 2022 (Unaudited) |
Emles Alpha Opportunities ETF |
Shares | Security Description | Value ($) | |||||
Common Stocks (continued) | |||||||
Consumer Discretionary (continued) | |||||||
101,310 | Purple Innovation, Inc.(a) | 410,306 | |||||
14,005 | Red Robin Gourmet Burgers, Inc.(a) | 94,254 | |||||
7,040 | Red Rock Resorts, Inc., Class A | 241,190 | |||||
1,930 | RH(a) | 474,915 | |||||
59,670 | Signet Jewelers, Ltd. | 3,412,527 | |||||
19,972 | Thor Industries, Inc. | 1,397,641 | |||||
17,640 | Winnebago Industries, Inc. | 938,624 | |||||
1,760 | Wynn Resorts, Ltd.(a) | 110,933 | |||||
23,908,058 | |||||||
Consumer Staples (1.0%) | |||||||
11,194 | Chefs’ Warehouse, Inc. (The)(a) | 324,290 | |||||
Financials (1.6%) | |||||||
23,720 | Invesco, Ltd. | 324,964 | |||||
11,781 | OppFi, Inc.(a) | 27,096 | |||||
5,240 | Wells Fargo & Co. | 210,753 | |||||
562,813 | |||||||
Industrials (5.3%) | |||||||
4,421 | AAR Corp.(a) | 158,360 | |||||
24,783 | Fluor Corp.(a) | 616,849 | |||||
3,256 | HEICO Corp., Class A | 373,203 | |||||
19,189 | Spirit AeroSystems Holdings, Inc., Class A | 420,623 | |||||
176 | TransDigm Group, Inc. | 92,368 | |||||
14,020 | Triumph Group, Inc.(a) | 120,432 | |||||
1,781,835 | |||||||
Information Technology (4.8%) | |||||||
100,512 | LGL Group, Inc. (The) | 1,137,796 | |||||
3,033 | Science Applications International Corp. | 268,208 | |||||
11,440 | Xerox Holdings Corp. | 149,635 | |||||
772 | Zoom Video Communications, Inc.(a) | 56,811 | |||||
1,612,450 | |||||||
Real Estate (0.2%) | |||||||
1,134 | Howard Hughes Corp. (The)(a) | 62,812 | |||||
Total Common Stocks (Cost $30,342,291) | 30,356,250 |
Schedule of Investments (continued) | September 30, 2022 (Unaudited) |
Emles Alpha Opportunities ETF |
Shares | Security Description | Value ($) | |||||
Short-Term Investment (10.8%) | |||||||
3,630,922 | Dreyfus Government Cash Management Institutional Shares | 3,630,922 | |||||
Total Short-Term Investment (Cost $3,630,922) | 3,630,922 | ||||||
Purchased Options (0.1%) | |||||||
Total Purchased Options (Cost $670,437) | 44,700 | ||||||
Warrants (1.6%) | |||||||
246,517 | Lazydays Holdings, Inc. Exp 03/15/23(a) | 337,728 | |||||
203,895 | LGL Group, Inc. (The) Exp 11/17/25(a) | 83,587 | |||||
414,562 | OppFi, Inc. Exp 08/31/27(a) | 99,495 | |||||
60,845 | PMV Consumer Acquisition Corp. Exp 08/31/27(a) | 2,635 | |||||
Total Warrants (Cost $1,662,693) | 523,445 | ||||||
Total Investments (Cost $36,306,343) — 102.2% | 34,555,317 | ||||||
Other assets in excess of liabilities — 2.2% | (890,575 | ) | |||||
Net Assets — 100.0% | $ | 33,664,742 |
(a) | Non-income producing |
ADR | American Depositary Receipt |
ETF | Exchange Traded Fund |
Schedule of Investments (continued) | September 30, 2022 (Unaudited) |
Emles Alpha Opportunities ETF |
Shares | Security Description | Value ($) | |||||
Securities Sold Short ((23.3)%) | |||||||
Consumer Discretionary ((6.3)%) | |||||||
(7,243 | ) | Tesla, Inc.(a) | (1,921,206 | ) | |||
(500 | ) | Ulta Beauty, Inc.(a) | (200,595 | ) | |||
(2,121,801 | ) | ||||||
Exchange Traded-Fund ((4.1)%) | |||||||
(8,435 | ) | iShares Russell 2000 ETF | (1,391,100 | ) | |||
Financials ((0.1)%) | |||||||
(675 | ) | Coinbase Global, Inc., Class A(a) | (43,531 | ) | |||
Industrials ((11.2)%) | |||||||
(1,750 | ) | Deere & Co. | (584,307 | ) | |||
(1,000 | ) | L3Harris Technologies, Inc. | (207,830 | ) | |||
(2,440 | ) | Lockheed Martin Corp. | (942,548 | ) | |||
(900 | ) | Norfolk Southern Corp. | (188,685 | ) | |||
(1,815 | ) | Northrop Grumman Corp. | (853,631 | ) | |||
(800 | ) | Parker-Hannifin Corp. | (193,848 | ) | |||
(2,450 | ) | Raytheon Technologies Corp. | (200,557 | ) | |||
(9,900 | ) | Textron, Inc. | (576,774 | ) | |||
(3,748,180 | ) | ||||||
Materials ((1.5)%) | |||||||
(2,225 | ) | CF Industries Holdings, Inc. | (214,156 | ) | |||
(6,000 | ) | Mosaic Co. (The) | (289,980 | ) | |||
(504,136 | ) | ||||||
Total Securities Sold Short (Proceeds $(8,609,295)) | (7,808,748 | ) |
Purchased Options
Description | Put/ Call | Number of Contracts | Notional Amount ($)* | Strike Price ($) | Expiration Date | Value ($) | |||||||||||||
Alibaba Group Holding | Call | 200 | 3,000,000 | 150.00 | 1/20/23 | 8,200 | |||||||||||||
Alibaba Group Holding-SP ADR | Call | 100 | 1,000,000 | 100.00 | 1/20/23 | 36,500 | |||||||||||||
Total (Cost $670,437) | 4,000,000 | 44,700 |
(a) | Non-income producing |
* | Notional Amount is expressed as the number of contracts multiplied by the contract size, multiplied by strike price of the underlying asset. |