APPLIED FINANCE VALUATION LARGE CAP ETF
Schedule of InvestmentsSeptember 30, 2022 (unaudited)
1
QUARTERLY REPORT
| Security Description |
| Number of |
| Fair Value | |
| | | | | | |
98.28% | COMMON STOCKS | | | | | |
| | | | | | |
10.40% | COMMUNICATION SERVICES | | | | | |
| Activision Blizzard, Inc. | | 332 | | $24,681 | |
| Alphabet, Inc. - Class A* | | 6,741 | | 644,777 | |
| Charter Communications, Inc.* | | 98 | | 29,728 | |
| Comcast Corp. - Class A | | 904 | | 26,514 | |
| Electronic Arts, Inc. | | 72 | | 8,331 | |
| Fox Corp. | | 132 | | 4,050 | |
| Meta Platforms, Inc.* | | 2,762 | | 374,748 | |
| Netflix, Inc.* | | 172 | | 40,496 | |
| Omnicom Group, Inc. | | 243 | | 15,331 | |
| Paramount Global | | 111 | | 2,113 | |
| Take-Two Interactive Software* | | 52 | | 5,668 | |
| The Interpublic Group of Cos., Inc. | | 180 | | 4,608 | |
| Warner Bros. Discovery, Inc.* | | 332 | | 3,818 | |
| | | | | 1,184,863 | |
| | | | | | |
12.63% | CONSUMER DISCRETIONARY | | | | | |
| Advance Auto Parts, Inc. | | 42 | �� | 6,566 | |
| Aptiv PLC* | | 32 | | 2,503 | |
| Autozone, Inc.* | | 42 | | 89,961 | |
| Bath & Body Works, Inc. | | 156 | | 5,086 | |
| Best Buy Co., Inc. | | 318 | | 20,142 | |
| Booking Holdings, Inc.* | | 6 | | 9,859 | |
| Carmax, Inc.* | | 175 | | 11,553 | |
| Chipotle Mexican Grill* | | 5 | | 7,514 | |
| D. R. Horton, Inc. | | 589 | | 39,669 | |
| Darden Restaurant, Inc. | | 30 | | 3,790 | |
| Dollar General Corp. | | 177 | | 42,455 | |
| Dollar Tree, Inc.* | | 138 | | 18,782 | |
| Domino’s Pizza, Inc. | | 92 | | 28,538 | |
| eBay, Inc. | | 382 | | 14,061 | |
| Ford Motor Co. | | 4,143 | | 46,402 | |
| Garmin Ltd. | | 136 | | 10,922 | |
| Genuine Parts Co. | | 101 | | 15,081 | |
| Hasbro, Inc. | | 210 | | 14,158 | |
| Hilton Worldwide Holdings, Inc. | | 51 | | 6,152 | |
| The Home Depot, Inc. | | 1,151 | | 317,607 | |
| Lennar Corp. | | 394 | | 29,373 | |
APPLIED FINANCE VALUATION LARGE CAP ETF
Schedule of Investments - continuedSeptember 30, 2022 (unaudited)
2
QUARTERLY REPORT
| Security Description |
| Number of |
| Fair Value | |
| LKQ Corp. | | 372 | | $17,540 | |
| Lowe’s Cos, Inc. | | 679 | | 127,523 | |
| Marriott Intl. - Class A | | 213 | | 29,850 | |
| McDonald’s Corp. | | 394 | | 90,912 | |
| Mohawk Industries, Inc.* | | 25 | | 2,280 | |
| Newell Brands, Inc. | | 29 | | 403 | |
| Nike, Inc. - Class B | | 595 | | 49,456 | |
| NVR, Inc.* | | 6 | | 23,922 | |
| O’Reilly Automotive, Inc.* | | 136 | | 95,656 | |
| Pulte Group, Inc. | | 361 | | 13,537 | |
| Starbucks Corp. | | 601 | | 50,640 | |
| Tapestry, Inc. | | 195 | | 5,544 | |
| Target Corp. | | 420 | | 62,324 | |
| Tesla, Inc. | | 225 | | 59,681 | |
| Tractor Supply Co. | | 68 | | 12,640 | |
| Ulta Beauty, Inc.* | | 25 | | 10,030 | |
| Under Armour, Inc. - Class C* | | 45 | | 299 | |
| Whirlpool Corp. | | 74 | | 9,976 | |
| Yum! Brands, Inc. | | 352 | | 37,432 | |
| | | | | 1,439,819 | |
| | | | | | |
6.88% | CONSUMER STAPLES | | | | | |
| Altria Group, Inc. | | 992 | | 40,057 | |
| Archer-Daniels-Midland Co. | | 74 | | 5,953 | |
| Brown-Forman Corp. - Class B | | 101 | | 6,724 | |
| Campbell Soup Co. | | 79 | | 3,722 | |
| Church & Dwight Co., Inc. | | 192 | | 13,716 | |
| The Clorox Co. | | 48 | | 6,163 | |
| The Coca Cola Co. | | 1,086 | | 60,838 | |
| Colgate-Palmolive Co. | | 462 | | 32,455 | |
| Conagra Brands, Inc. | | 180 | | 5,873 | |
| Constellation Brands, Inc. - Class A | | 48 | | 11,025 | |
| Costco Wholesale Corp. | | 121 | | 57,145 | |
| The Estee Lauder Cos., Inc. | | 133 | | 28,715 | |
| General Mills, Inc. | | 196 | | 15,016 | |
| Kellogg Co. | | 100 | | 6,966 | |
| Kimberly-Clark Corp. | | 88 | | 9,904 | |
| The Kraft Heinz Co. | | 89 | | 2,968 | |
| The Kroger Co. | | 224 | | 9,800 | |
| Lamb Weston Holding | | 25 | | 1,934 | |
| Mondelez International, Inc. | | 432 | | 23,687 | |
| PepsiCo., Inc. | | 317 | | 51,753 | |
| Philip Morris International, Inc. | | 1,004 | | 83,342 | |
APPLIED FINANCE VALUATION LARGE CAP ETF
Schedule of Investments - continuedSeptember 30, 2022 (unaudited)
3
QUARTERLY REPORT
| Security Description |
| Number of |
| Fair Value | |
| The Procter & Gamble Co. | | 826 | | $104,282 | |
| Sysco Corp. | | 27 | | 1,909 | |
| The Hershey Co. | | 84 | | 18,519 | |
| The J.M. Smucker Co. | | 48 | | 6,596 | |
| Tyson Foods, Inc. - Class A | | 198 | | 13,054 | |
| Walgreens Boots Alliance | | 447 | | 14,036 | |
| Walmart, Inc. | | 1,138 | | 147,599 | |
| | | | | 783,751 | |
| | | | | | |
3.34% | ENERGY | | | | | |
| APA Corp. | | 269 | | 9,197 | |
| Chevron Corp. | | 340 | | 48,848 | |
| ConocoPhillips | | 453 | | 46,360 | |
| Coterra Energy, Inc. | | 528 | | 13,791 | |
| Devon Energy Corp. | | 369 | | 22,188 | |
| Diamondback Energy, Inc. | | 105 | | 12,648 | |
| EOG Resources, Inc. | | 266 | | 29,720 | |
| Exxon Mobil Corp. | | 1,038 | | 90,628 | |
| Halliburton Co. | | 85 | | 2,093 | |
| Hess Corp. | | 24 | | 2,616 | |
| Kinder Morgan, Inc. | | 131 | | 2,180 | |
| Marathon Oil Corp. | | 153 | | 3,455 | |
| Marathon Petroleum Corp. | | 114 | | 11,324 | |
| Occidental Petroleum Corp. | | 320 | | 19,664 | |
| ONEOK, Inc. | | 204 | | 10,453 | |
| Phillips 66 | | 134 | | 10,816 | |
| Pioneer Natural Resources Co. | | 131 | | 28,365 | |
| Schlumberger NV | | 25 | | 897 | |
| Valero Energy Corp. | | 77 | | 8,227 | |
| The Williams Cos., Inc. | | 242 | | 6,928 | |
| | | | | 380,398 | |
| | | | | | |
9.67% | FINANCIALS | | | | | |
| Aflac, Inc. | | 258 | | 14,500 | |
| The Allstate Corp. | | 337 | | 41,967 | |
| American Express Co. | | 939 | | 126,680 | |
| AON PLC - Class A | | 234 | | 62,682 | |
| Assurant, Inc. | | 10 | | 1,453 | |
| BlackRock, Inc. | | 77 | | 42,372 | |
| Brown & Brown, Inc. | | 69 | | 4,173 | |
| Cboe Global Markets, Inc. | | 217 | | 25,469 | |
| Chubb Ltd. | | 74 | | 13,459 | |
| Discover Financial Services | | 815 | | 74,100 | |
APPLIED FINANCE VALUATION LARGE CAP ETF
Schedule of Investments - continuedSeptember 30, 2022 (unaudited)
4
QUARTERLY REPORT
| Security Description |
| Number of |
| Fair Value | |
| FactSet Research Sysems, Inc. | | 38 | | $15,204 | |
| Hartford Financial Services | | 169 | | 10,468 | |
| MarketAxess Holdings, Inc. | | 14 | | 3,115 | |
| Marsh & Mclennan Cos, Inc. | | 364 | | 54,342 | |
| Moody’s Corporation | | 757 | | 184,034 | |
| PNC Financial Services Group, Inc. | | 92 | | 13,747 | |
| The Progressive Corp. | | 215 | | 24,985 | |
| S&P Global, Inc. | | 1,001 | | 305,655 | |
| Synchrony Financial | | 1,163 | | 32,785 | |
| T. Rowe Price Group, Inc. | | 367 | | 38,539 | |
| Travelers Companies, Inc. | | 35 | | 5,362 | |
| Willis Towers Watson Plc* | | 33 | | 6,631 | |
| | | | | 1,101,722 | |
| | | | | | |
16.34% | HEALTHCARE | | | | | |
| Abbott Laboratories | | 520 | | 50,315 | |
| AbbVie, Inc. | | 1,796 | | 241,041 | |
| Abiomed, Inc.* | | 2 | | 491 | |
| Agilent Technologies, Inc. | | 77 | | 9,359 | |
| Align Technology, Inc.* | | 9 | | 1,864 | |
| Amgen, Inc. | | 411 | | 92,639 | |
| Becton Dickinson and Co. | | 25 | | 5,571 | |
| Biogen, Inc.* | | 132 | | 35,244 | |
| Bio-Rad Laboratories, Inc. - Class A* | | 1 | | 417 | |
| Bio-Techne Corp. | | 4 | | 1,136 | |
| Boston Scientific Corp. | | 237 | | 9,179 | |
| Bristol-Myers Squibb Co. | | 2,021 | | 143,673 | |
| Cardinal Health, Inc. | | 192 | | 12,803 | |
| Cigna Corp | | 63 | | 17,481 | |
| Cooper Cos., Inc. | | 4 | | 1,056 | |
| CVS Health Corp. | | 450 | | 42,916 | |
| DaVita, Inc.* | | 53 | | 4,387 | |
| Dentsply Sirona, Inc. | | 11 | | 312 | |
| Edwards Lifesciences Corp.* | | 139 | | 11,486 | |
| Eli Lilly & Co. | | 243 | | 78,574 | |
| Gilead Sciences, Inc. | | 1,155 | | 71,252 | |
| HCA Healthcare, Inc. | | 221 | | 40,618 | |
| Henry Schein, Inc.* | | 57 | | 3,749 | |
| Hologic, Inc. | | 242 | | 15,614 | |
| IDEXX Laboratories, Inc.* | | 30 | | 9,774 | |
| Illumina, Inc.* | | 8 | | 1,526 | |
| IQVIA Holdings, Inc.* | | 181 | | 32,786 | |
5
QUARTERLY REPORT
APPLIED FINANCE VALUATION LARGE CAP ETF
Schedule of Investments - continuedSeptember 30, 2022 (unaudited)
| Security Description |
| Number of |
| Fair Value | |
| Johnson & Johnson | | 1,746 | | $285,227 | |
| Laboratory Corp of America Holdings | | 77 | | 15,770 | |
| McKesson Corp. | | 159 | | 54,039 | |
| Medtronic PLC | | 196 | | 15,827 | |
| Mettler-Toledo International, Inc.* | | 25 | | 27,103 | |
| Moderna, Inc.* | | 434 | | 51,320 | |
| Molina Healthcare, Inc.* | | 27 | | 8,906 | |
| Organon & Co. | | 248 | | 5,803 | |
| Pfizer, Inc. | | 5,137 | | 224,795 | |
| Quest Diagnostics, Inc. | | 85 | | 10,429 | |
| Regeneron Pharmaceuticals, Inc.* | | 78 | | 53,732 | |
| ResMed, Inc. | | 17 | | 3,711 | |
| Stryker Corp. | | 80 | | 16,203 | |
| Teleflex, Inc. | | 13 | | 2,619 | |
| UnitedHealth Group, Inc. | | 171 | | 86,362 | |
| Universal Health Services, Inc. - | | 26 | | 2,293 | |
| Vertex Pharmaceuticals, Inc.* | | 105 | | 30,402 | |
| Viatris, Inc. | | 297 | | 2,530 | |
| Waters Corp.* | | 24 | | 6,469 | |
| West Pharmaceutical Services, Inc. | | 4 | | 984 | |
| Zimmer Biomet Holdings, Inc. | | 24 | | 2,509 | |
| Zoetis, Inc. | | 139 | | 20,612 | |
| | | | | 1,862,908 | |
| | | | | | |
6.75% | INDUSTRIALS | | | | | |
| 3M Co. | | 281 | | 31,050 | |
| A.O. Smith Corp. | | 54 | | 2,623 | |
| Allegion PLC | | 72 | | 6,457 | |
| Carrier Global Corp. | | 298 | | 10,597 | |
| Caterpillar, Inc. | | 178 | | 29,206 | |
| Cintas Corp. | | 28 | | 10,869 | |
| CSX Corp. | | 1,332 | | 35,484 | |
| Cummins, Inc. | | 69 | | 14,042 | |
| Deere & Co. | | 138 | | 46,077 | |
| Dover Corp. | | 67 | | 7,811 | |
| Eaton Corp., PLC | | 1 | | 133 | |
| Emerson Electric Co. | | 173 | | 12,667 | |
| Expeditors International of | | 116 | | 10,244 | |
| Fastenal Co. | | 138 | | 6,354 | |
| Fedex Corp. | | 127 | | 18,856 | |
6
QUARTERLY REPORT
APPLIED FINANCE VALUATION LARGE CAP ETF
Schedule of Investments - continuedSeptember 30, 2022 (unaudited)
| Security Description |
| Number of |
| Fair Value | |
| Fortune Brands Home & Security | | 140 | | $7,517 | |
| Generac Holdings, Inc.* | | 59 | | 10,510 | |
| General Dynamics Corp. | | 58 | | 12,306 | |
| WW Grainger, Inc. | | 21 | | 10,273 | |
| Honeywell International, Inc. | | 242 | | 40,407 | |
| JB Hunt Transport Services, Inc. | | 54 | | 8,447 | |
| IDEX Corp.* | | 10 | | 1,998 | |
| Illinois Tool Works, Inc. | | 132 | | 23,846 | |
| Ingersoll Rand, Inc. | | 365 | | 15,790 | |
| Johnson Controls International | | 1 | | 49 | |
| L3Harris Technologies, Inc. | | 27 | | 5,611 | |
| Leidos Holdings, Inc. | | 200 | | 17,494 | |
| Lockheed Martin Corp. | | 140 | | 54,081 | |
| Masco Corp. | | 378 | | 17,649 | |
| Nielsen Holdings PLC | | 494 | | 13,694 | |
| Nordson Corp. | | 17 | | 3,609 | |
| Norfolk Southern Corp. | | 118 | | 24,739 | |
| Northrop Grumman Corp. | | 84 | | 39,507 | |
| Old Dominion Freight | | 43 | | 10,697 | |
| Paccar, Inc. | | 116 | | 9,708 | |
| Parker-Hannifin Corp. | | 32 | | 7,754 | |
| Pentair PLC | | 133 | | 5,404 | |
| Republic Services, Inc. | | 1 | | 136 | |
| Robert Half International, Inc. | | 36 | | 2,754 | |
| Rollins, Inc. | | 78 | | 2,705 | |
| Snap-On, Inc. | | 29 | | 5,839 | |
| Textron, Inc. | | 26 | | 1,515 | |
| Trane Technologies PLC | | 66 | | 9,557 | |
| TransDigm Group, Inc. | | 9 | | 4,724 | |
| Union Pac Corp. | | 367 | | 71,499 | |
| United Rentals ,Inc. | | 42 | | 11,345 | |
| United Parcel Services, Inc. - Class B | | 337 | | 54,439 | |
| Verisk Analytics, Inc. | | 97 | | 16,541 | |
| Wabtec Corp. | | 48 | | 3,905 | |
| Waste Management, Inc. | | 1 | | 160 | |
| Xylem, Inc. | | 7 | | 612 | |
| | | | | 769,291 | |
| | | | | | |
16.28% | INFORMATION TECHNOLOGY | | | | | |
| Advanced Micro Devices, Inc.* | | 470 | | 29,779 | |
| Amphenol Corp. Class A | | 179 | | 11,986 | |
| Analog Devices, Inc. | | 44 | | 6,131 | |
7
QUARTERLY REPORT
APPLIED FINANCE VALUATION LARGE CAP ETF
Schedule of Investments - continuedSeptember 30, 2022 (unaudited)
| Security Description |
| Number of |
| Fair Value | |
| ANSYS, Inc.* | | 9 | | $1,995 | |
| Apple, Inc. | | 5,844 | | 807,641 | |
| Applied Materials, Inc. | | 741 | | 60,710 | |
| Arista Networks, Inc. | | 52 | | 5,870 | |
| Auto Desk* | | 47 | | 8,780 | |
| Broadcom, Inc. | | 437 | | 194,032 | |
| Cadence Design Systems* | | 37 | | 6,047 | |
| Cisco Systems, Inc. | | 1,388 | | 55,520 | |
| Corning, Inc. | | 248 | | 7,197 | |
| EPAM Sysems, Inc.* | | 14 | | 5,071 | |
| F5, Inc.* | | 15 | | 2,171 | |
| Hewlett Packard Enterprise, Co. | | 366 | | 4,385 | |
| HP, Inc. | | 1,204 | | 30,004 | |
| Intel Corp | | 3,202 | | 82,516 | |
| International Business Machines | | 135 | | 16,039 | |
| Intuit, Inc. | | 48 | | 18,591 | |
| IPG Photonics Corp.* | | 5 | | 422 | |
| Juniper Networks, Inc. | | 66 | | 1,724 | |
| Keysight Technologies, Inc. | | 49 | | 7,711 | |
| KLA Corp. | | 129 | | 39,039 | |
| Lam Research Corp. | | 98 | | 35,868 | |
| Microchip Technology, Inc. | | 189 | | 11,535 | |
| Micron Technology, Inc. | | 393 | | 19,689 | |
| Monolithic Power Systems, Inc. | | 2 | | 727 | |
| Motorola Solutions, Inc. | | 55 | | 12,318 | |
| NXP Semiconductors NV | | 195 | | 28,764 | |
| PayPal Holdings, Inc.* | | 359 | | 30,899 | |
| Qorvo, Inc.* | | 63 | | 5,003 | |
| Qualcomm, Inc. | | 662 | | 74,793 | |
| Roper Technologies, Inc. | | 108 | | 38,841 | |
| Seagate Technology Holdings PLC | | 64 | | 3,407 | |
| ServiceNow, Inc.* | | 7 | | 2,643 | |
| SolarEdge Technologies, Inc.* | | 5 | | 1,157 | |
| Synopsys, Inc.* | | 24 | | 7,332 | |
| Te Connectivity, Ltd. | | 75 | | 8,277 | |
| Teradyne, Inc. | | 87 | | 6,538 | |
| Texas Instruments, Inc. | | 967 | | 149,672 | |
| Trimble Navigation, Ltd. | | 89 | | 4,830 | |
| Zebra Technologies Corp. - Class A* | | 37 | | 9,694 | |
| | | | | 1,855,348 | |
| | | | | | |
8
QUARTERLY REPORT
APPLIED FINANCE VALUATION LARGE CAP ETF
Schedule of Investments - continuedSeptember 30, 2022 (unaudited)
| Security Description |
| Number of |
| Fair Value | |
1.85% | MATERIALS | | | | | |
| Air Products and Chemicals, Inc. | | 36 | | $8,378 | |
| Amcor PLC | | 276 | | 2,961 | |
| Ball Corp. | | 149 | | 7,200 | |
| Celanese Corp. | | 80 | | 7,227 | |
| CF Industries Holdings, Inc. | | 98 | | 9,432 | |
| Corteva, Inc. | | 133 | | 7,601 | |
| DOW, Inc. | | 295 | | 12,959 | |
| Dupont de Nemours, Inc. | | 7 | | 353 | |
| Eastman Chemical Co. | | 24 | | 1,705 | |
| FMC Corp. | | 105 | | 11,099 | |
| Freeport-McMoRan, Inc. | | 727 | | 19,869 | |
| International Paper Co. | | 183 | | 5,801 | |
| Linde PLC | | 31 | | 8,357 | |
| LyondellBasell Industries NV | | 423 | | 31,843 | |
| The Mosaic Co. | | 127 | | 6,138 | |
| Newmont Goldcorp Corp. | | 54 | | 2,270 | |
| Nucor Corp. | | 244 | | 26,106 | |
| Packaging Corporation of America | | 34 | | 3,818 | |
| Sealed Air Corp. | | 72 | | 3,205 | |
| The Sherwin-Williams Co. | | 164 | | 33,579 | |
| Vulcan Materials Co. | | 8 | | 1,262 | |
| Westrock Co. | | 11 | | 340 | |
| | | | | 211,503 | |
| | | | | | |
0.83% | REAL ESTATE | | | | | |
| AvalonBay Communities, Inc. | | 6 | | 1,105 | |
| Boston Properties, Inc. | | 49 | | 3,674 | |
| CBRE Group, Inc.* | | 253 | | 17,080 | |
| Crown Castle International Corp. | | 75 | | 10,841 | |
| Digital Realty Trust, Inc. | | 34 | | 3,372 | |
| Equity Residential | | 73 | | 4,907 | |
| Essex Property | | 5 | | 1,211 | |
| Extra Space Storage, Inc. | | 31 | | 5,354 | |
| Federal Realty OP LP | | 10 | | 901 | |
| Healthpeak Properties, Inc. | | 58 | | 1,329 | |
| Iron Mountain, Inc. | | 106 | | 4,661 | |
| Kimco Realty Corp. | | 55 | | 1,013 | |
| Mid-America Apartment | | 6 | | 930 | |
| Prologis, Inc. | | 36 | | 3,658 | |
| Regency Centers Corp. | | 4 | | 215 | |
9
QUARTERLY REPORT
APPLIED FINANCE VALUATION LARGE CAP ETF
Schedule of Investments - continuedSeptember 30, 2022 (unaudited)
| Security Description |
| Number of |
| Fair Value | |
| Simon Property Group, Inc. | | 279 | | $25,040 | |
| Ventas, Inc. | | 105 | | 4,218 | |
| Weyerhaeuser Co. | | 168 | | 4,798 | |
| | | | | 94,307 | |
| | | | | | |
12.93% | SOFTWARE & SERVICES | | | | | |
| Accenture PLC | | 263 | | 67,670 | |
| Adobe, Inc.* | | 256 | | 70,451 | |
| Akamai Technologies, Inc.* | | 52 | | 4,177 | |
| Cognizant Technology Solutions | | 154 | | 8,846 | |
| Fidelity National Information | | 447 | | 33,780 | |
| Fiserv, Inc.* | | 613 | | 57,358 | |
| Gartner, Inc.* | | 64 | | 17,708 | |
| Global Payments, Inc. | | 240 | | 25,932 | |
| Jack Henry & Associates, Inc. | | 9 | | 1,640 | |
| Mastercard, Inc. - Class A | | 1,200 | | 341,208 | |
| Microsoft Corp. | | 2,599 | | 605,307 | |
| NortonLifeLock, Inc. | | 97 | | 1,954 | |
| Oracle Corp. | | 1,556 | | 95,025 | |
| Paychex, Inc. | | 48 | | 5,386 | |
| Verisign, Inc.* | | 136 | | 23,623 | |
| Visa, Inc. | | 638 | | 113,341 | |
| | | | | 1,473,406 | |
| | | | | | |
0.38% | UTILITIES | | | | | |
| American Water Works Co., Inc. | | 35 | | 4,556 | |
| CMS Energy Corp. | | 58 | | 3,378 | |
| Consellation Energy Corp. | | 330 | | 27,453 | |
| FirstEnergy Corp. | | 47 | | 1,739 | |
| NRG Energy, Inc. | | 88 | | 3,368 | |
| PPL Corp. | | 120 | | 3,042 | |
| | | | | 43,536 | |
| | | | | | |
98.28% | TOTAL COMMON STOCKS | | 11,200,852 | | ||
| | | | | | |
98.28% | TOTAL INVESTMENTS | | $11,200,852 | | ||
1.72% | Other assets, net of liabilities | | 196,456 | | ||
100.00% | NET ASSETS | | $11,397,308 | |
*Non-income producing
10
QUARTERLY REPORT
APPLIED FINANCE VALUATION LARGE CAP ETF
Schedule of Investments - continuedSeptember 30, 2022 (unaudited)
In accordance with U.S. GAAP, “fair value” is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining 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 inputs used to value the Fund’s investments as of September 30, 2022:
| | Level 1 | | Level 2 | | Level 3 | | | |
| | Quoted |
| Other |
| Significant |
| Total | |
Common Stocks | | $11,200,852 |
| $— |
| $— |
| $11,200,852 | |
Total Investments | | $11,200,852 |
| $— |
| $— |
| $11,200,852 | |
The Fund held no Level 3 securities at any time during the period.
There were no transfers into or out of Levels 1 and 2 during the period ended September 30, 2022.
At September 30, 2022, the cost of investment for Federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $13,984,716 and the related tax-based net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation | | $113,602 | |
Gross unrealized depreciation | | (2,897,466 | ) |
Net unrealized appreciation | | $(2,783,864 | ) |