1
QUARTERLY REPORT
Applied Finance Value Large Cap ETF Fund
Schedule of InvestmentsSeptember 30, 2023 (unaudited)
| | | Shares |
| Value | |
COMMON STOCK | | | | | | |
| | | | | | |
COMMUNICATION SERVICES | | | | | | |
| Activision Blizzard, Inc. | | 629 | | $58,893 | |
| Alphabet, Inc. Class A(A) | | 22,780 | | 2,980,991 | |
| AT&T, Inc. | | 11,469 | | 172,264 | |
| Charter Communications(A) | | 619 | | 272,249 | |
| Electronic Arts, Inc. | | 107 | | 12,883 | |
| Fox Corp. Class A | | 1,052 | | 32,822 | |
| Live Nation Entertainment(A) | | 37 | | 3,072 | |
| Match Group, Inc.(A) | | 1,445 | | 56,608 | |
| Meta Platforms, Inc.(A) | | 6,762 | | 2,030,020 | |
| Netflix.com, Inc.(A) | | 312 | | 117,811 | |
| Omnicom Group, Inc. | | 760 | | 56,605 | |
| TakeTwo Interactive Soft(A) | | 160 | | 22,462 | |
| The Interpublic Group | | 691 | | 19,804 | |
| TMobile US, Inc. | | 1,087 | | 152,234 | |
| Verizon Communications | | 8,680 | | 281,319 | |
| Warner Bros Discovery, Inc.(A) | | 4,179 | | 45,384 | |
| | | | | | |
| | | | | | |
CONSUMER DISCRETIONARY | | | | | | |
| Advance Auto Parts | | 156 | | 8,725 | |
| Autozone, Inc.(A) | | 93 | | 236,219 | |
| Bath & Body Works, Inc. | | 601 | | 20,314 | |
| Best Buy Co., Inc. | | 527 | | 36,611 | |
| Booking Holdings, Inc.(A) | | 39 | | 120,274 | |
| BorgWarner, Inc. | | 548 | | 22,123 | |
| Chipotle Mexican Grill(A) | | 8 | | 14,655 | |
| DR Horton, Inc. | | 1,241 | | 133,370 | |
| Darden Restaurant, Inc. | | 93 | | 13,319 | |
| Domino’s Pizza, Inc. | | 190 | | 71,970 | |
| Ebay, Inc. | | 309 | | 13,624 | |
| Etsy, Inc.(A) | | 229 | | 14,789 | |
| Expedia Group, Inc.(A) | | 110 | | 11,338 | |
| Garmin Ltd. ADR | | 269 | | 28,299 | |
| Hasbro, Inc. | | 611 | | 40,411 | |
| Hilton Worldwide | | 1,081 | | 162,344 | |
| Home Depot, Inc. | | 4,417 | | 1,334,641 | |
| Lennar Corp. | | 1,017 | | 114,138 | |
| LKQ Corp. | | 463 | | 22,923 | |
| Lowe’s Cos., Inc. | | 2,003 | | 416,303 | |
2
QUARTERLY REPORT
Applied Finance Value Large Cap ETF Fund
Schedule of Investments - continuedSeptember 30, 2023 (unaudited)
| | | Shares |
| Value | |
| Marriott International, Class A | | 1,027 | | $201,867 | |
| McDonald’s Corp. | | 808 | | 212,860 | |
| Newell Brands, Inc. | | 86 | | 777 | |
| Nike, Inc. Class B | | 1,784 | | 170,586 | |
| NVR, Inc.(A) | | 9 | | 53,670 | |
| O’Reilly Automotive, Inc.(A) | | 337 | | 306,286 | |
| Phinia, Inc. | | 100 | | 2,679 | |
| Polo Ralph Lauren Corp. | | 11 | | 1,277 | |
| Pool Corp. | | 228 | | 81,191 | |
| Pulte Group, Inc. | | 687 | | 50,872 | |
| Ross Stores, Inc. | | 262 | | 29,593 | |
| Starbucks Corp. | | 841 | | 76,758 | |
| Tapestry, Inc.(A) | | 538 | | 15,467 | |
| Tesla, Inc.(A) | | 1,994 | | 498,939 | |
| TJX Companies, Inc. | | 923 | | 82,036 | |
| Tractor Supply Co. | | 175 | | 35,534 | |
| Ulta Beauty, Inc.(A) | | 31 | | 12,383 | |
| VF Corp. | | 399 | | 7,050 | |
| Yum! Brands, Inc. | | 857 | | 107,074 | |
| | | | | 4,783,289 | |
| | | | | | |
4.70% | CONSUMER STAPLES | | | | | |
| Altria Group, Inc. | | 3,670 | | 154,323 | |
| Archer-Daniels-Midland Co. | | 401 | | 30,243 | |
| Brown-Forman Corp. Class B | | 239 | | 13,788 | |
| Bunge Ltd. ADR | | 310 | | 33,557 | |
| Campbell Soup Co. | | 156 | | 6,408 | |
| Church & Dwight Co. | | 308 | | 28,222 | |
| The Clorox Co. | | 21 | | 2,752 | |
| Coca Cola Co. | | 3,640 | | 203,767 | |
| Colgate-Palmolive Co. | | 800 | | 56,888 | |
| Conagra Brands, Inc. | | 87 | | 2,386 | |
| Constellation Brands, Inc. | | 171 | | 42,977 | |
| Costco Wholesale Corp. | | 405 | | 228,809 | |
| Dollar General Corp. | | 397 | | 42,003 | |
| Dollar Tree, Inc.(A) | | 235 | | 25,016 | |
| Estee Lauder Cos. Class A | | 307 | | 44,377 | |
| General Mills, Inc. | | 771 | | 49,336 | |
| Hormel Foods Corp. | | 160 | | 6,085 | |
| Kellanova | | 346 | | 20,590 | |
| Keurig Dr. Pepper, Inc. | | 1,908 | | 60,236 | |
| Kimberly-Clark Corp. | | 159 | | 19,215 | |
3
QUARTERLY REPORT
Applied Finance Value Large Cap ETF Fund
Schedule of Investments - continuedSeptember 30, 2023 (unaudited)
| | | Shares |
| Value | |
| The Kraft Heinz Co. | | 533 | | $17,930 | |
| Kroger Co. | | 929 | | 41,573 | |
| Lamb Weston Holding | | 6 | | 555 | |
| McCormick & Co. | | 90 | | 6,808 | |
| Mondelez International | | 994 | | 68,984 | |
| Monster Beverage Corp.(A) | | 751 | | 39,765 | |
| PepsiCo, Inc. | | 1,017 | | 172,320 | |
| The Procter & Gamble Co. | | 2,214 | | 322,934 | |
| Sysco Corp. | | 239 | | 15,786 | |
| Target Corp. | | 463 | | 51,194 | |
| The Hershey Company | | 231 | | 46,218 | |
| The JM Smucker Co. | | 103 | | 12,660 | |
| Tyson Foods, Inc. Class A | | 777 | | 39,231 | |
| Walgreens Boots Alliance | | 917 | | 20,394 | |
| Walmart, Inc. | | 2,703 | | 432,291 | |
| | | | | 2,359,621 | |
| | | | | | |
5.80% | ENERGY | | | | | |
| APA Corp. | | 999 | | 41,059 | |
| Chevron Corp. | | 2,482 | | 418,515 | |
| ConocoPhillips | | 2,214 | | 265,237 | |
| Coterra Energy Inc. | | 2,061 | | 55,750 | |
| Devon Energy Corp. | | 1,537 | | 73,315 | |
| Diamondback Energy, Inc. | | 488 | | 75,581 | |
| EOG Resources, Inc. | | 945 | | 119,788 | |
| EQT Corp. | | 991 | | 40,215 | |
| Exxon Mobil Corp. | | 5,887 | | 692,193 | |
| Halliburton Co. | | 912 | | 36,936 | |
| Hess Corp. | | 251 | | 38,403 | |
| Kinder Morgan, Inc. | | 1,070 | | 17,741 | |
| Marathon Oil Corp. | | 843 | | 22,550 | |
| Marathon Petroleum Corp. | | 1,770 | | 267,872 | |
| Occidental Petroleum Corp. | | 1,832 | | 118,860 | |
| Oneok, Inc. | | 948 | | 60,132 | |
| Phillips | | 1,214 | | 145,862 | |
| Pioneer Natural Resources | | 548 | | 125,793 | |
| Schlumberger Ltd. ADR | | 680 | | 39,644 | |
| Valero Energy Corp. | | 1,452 | | 205,763 | |
| Williams Cos., Inc. | | 1,520 | | 51,209 | |
| | | | | 2,912,418 | |
4
QUARTERLY REPORT
Applied Finance Value Large Cap ETF Fund
Schedule of Investments - continuedSeptember 30, 2023 (unaudited)
| | | Shares |
| Value | |
13.51% | FINANCIALS | | | | | |
| Aflac, Inc. | | 804 | | $61,707 | |
| Allstate Corp. | | 97 | | 10,807 | |
| AON plc ADR | | 1,152 | | 373,501 | |
| Arch Capital Group Ltd. ADR(A) | | 530 | | 42,246 | |
| Arthur J Gallagher & Co. | | 119 | | 27,124 | |
| Assurant, Inc. | | 10 | | 1,436 | |
| Bank of America Corp. | | 4,894 | | 133,998 | |
| Bank of New York Mellon | | 165 | | 7,037 | |
| Blackrock | | 78 | | 50,426 | |
| Chubb Limited ADR | | 424 | | 88,268 | |
| CME Group, Inc. | | 39 | | 7,809 | |
| Comerica, Inc. | | 318 | | 13,213 | |
| Everest Group Ltd. ADR | | 22 | | 8,177 | |
| Fidelity National Info | | 1,854 | | 102,471 | |
| Fifth Third Bancorp | | 684 | | 17,326 | |
| Fiserv, Inc.(A) | | 2,764 | | 312,221 | |
| Fleetcor Technologies, Inc.(A) | | 384 | | 98,051 | |
| Global Payments, Inc. | | 874 | | 100,851 | |
| Globe Life, Inc. | | 24 | | 2,610 | |
| Hartford Financial Services Group, Inc. | | 245 | | 17,373 | |
| Intercontinental Exchange | | 935 | | 102,869 | |
| Jack Henry & Assoc. | | 9 | | 1,360 | |
| JPMorgan Chase & Co. | | 2,664 | | 386,333 | |
| M & T Bank Corp. | | 102 | | 12,898 | |
| Marketaxess Holdings, Inc. | | 13 | | 2,777 | |
| Marsh & Mclennan Cos, Inc. | | 691 | | 131,497 | |
| Mastercard, Inc. Class A | | 5,415 | | 2,143,853 | |
| Metlife, Inc. | | 467 | | 29,379 | |
| Moody’s Corporation | | 385 | | 121,725 | |
| MSCI, Inc. | | 109 | | 55,926 | |
| Northern Trust Corp. | | 110 | | 7,643 | |
| Paypal Holdings, Inc.(A) | | 2,027 | | 118,498 | |
| Principal Financial Group, Inc. | | 150 | | 10,810 | |
| Regions Financial Corp. | | 1,290 | | 22,188 | |
| S&P 500 Global, Inc. | | 1,161 | | 424,241 | |
| State Street Corp. | | 161 | | 10,781 | |
| T Rowe Price Group, Inc. | | 175 | | 18,352 | |
| The Charles Schwab Corp. | | 1,927 | | 105,792 | |
| Travelers Companies, Inc. | | 150 | | 24,496 | |
| US Bancorp | | 2,297 | | 75,939 | |
| Visa, Inc. | | 5,945 | | 1,367,409 | |
5
QUARTERLY REPORT
Applied Finance Value Large Cap ETF Fund
Schedule of Investments - continuedSeptember 30, 2023 (unaudited)
| | | Shares |
| Value | |
| Wells Fargo & Co. | | 2,229 | | $91,077 | |
| Willis Towers Watson plc ADR | | 23 | | 4,806 | |
| W.R. Berkley Corp. | | 344 | | 21,841 | |
| Zions Bancorp | | 245 | | 8,548 | |
| | | | | 6,777,690 | |
| | | | | | |
14.62% | HEALTH CARE | | | | | |
| Abbott Laboratories | | 2,661 | | 257,718 | |
| Abbvie, Inc. | | 6,005 | | 895,105 | |
| Agilent Technologies, Inc. | | 262 | | 29,297 | |
| Align Technology, Inc.(A) | | 23 | | 7,022 | |
| Amgen, Inc. | | 1,484 | | 398,840 | |
| Baxter International, Inc. | | 15 | | 566 | |
| Becton Dickinson & Co. | | 86 | | 22,234 | |
| Biogen, Inc.(A) | | 168 | | 43,178 | |
| BioTechne Corp. | | 16 | | 1,089 | |
| Boston Scientific Corp.(A) | | 752 | | 39,706 | |
| Bristol Myers Squibb Co. | | 6,534 | | 379,233 | |
| Cardinal Health, Inc. | | 459 | | 39,850 | |
| Cencora, Inc. | | 688 | | 123,819 | |
| Centene Corp.(A) | | 319 | | 21,973 | |
| Charles River Laboratorie(A) | | 38 | | 7,447 | |
| The Cigna Group | | 97 | | 27,749 | |
| CVS Health Corp. | | 2,071 | | 144,597 | |
| Danaher Corp. | | 795 | | 197,240 | |
| Davita, Inc.(A) | | 305 | | 28,832 | |
| Dentsply Sirona, Inc. | | 11 | | 376 | |
| Dexcom, Inc.(A) | | 79 | | 7,371 | |
| Edwards Lifescience Corp.(A) | | 758 | | 52,514 | |
| Elevance Health, Inc. | | 170 | | 74,021 | |
| Eli Lilly and Co. | | 621 | | 333,558 | |
| Fortrea Holdings, Inc.(A) | | 100 | | 2,859 | |
| GE Healthcare Technologies, Inc. | | 230 | | 15,649 | |
| Gilead Sciences, Inc. | | 3,906 | | 292,716 | |
| Hca Healthcare, Inc. | | 479 | | 117,824 | |
| Henry Schein, Inc.(A) | | 171 | | 12,697 | |
| Hologic, Inc.(A) | | 923 | | 64,056 | |
| Humana, Inc. | | 84 | | 40,868 | |
| Idexx Laboratories, Inc.(A) | | 89 | | 38,917 | |
| Incyte Corp.(A) | | 230 | | 13,287 | |
| Insulet Corp.(A) | | 2 | | 319 | |
| Intuitive Surgical, Inc.(A) | | 93 | | 27,183 | |
6
QUARTERLY REPORT
Applied Finance Value Large Cap ETF Fund
Schedule of Investments - continuedSeptember 30, 2023 (unaudited)
| | | Shares |
| Value | |
| Iqvia Holdings, Inc.(A) | | 611 | | $120,214 | |
| Johnson & Johnson | | 5,463 | | 850,862 | |
| Laboratory Corp. of America | | 100 | | 20,105 | |
| McKesson Corp. | | 469 | | 203,945 | |
| Medtronic plc ADR | | 863 | | 67,625 | |
| Merck & Company, Inc. | | 5,765 | | 593,507 | |
| Mettler Toledo Intl, Inc.(A) | | 84 | | 93,078 | |
| Moderna, Inc.(A) | | 1,094 | | 112,999 | |
| Molina Healthcare, Inc.(A) | | 99 | | 32,461 | |
| Organon & Co. | | 921 | | 15,989 | |
| Pfizer, Inc. | | 16,093 | | 533,805 | |
| Quest Diagnostics, Inc. | | 42 | | 5,118 | |
| Regeneron Pharmaceuticals(A) | | 115 | | 94,640 | |
| Resmed, Inc. | | 99 | | 14,639 | |
| Revvity, Inc. | | 93 | | 10,295 | |
| Stryker Corp. | | 327 | | 89,359 | |
| Teleflex, Inc. | | 35 | | 6,874 | |
| Thermo Fisher Scientific | | 957 | | 484,405 | |
| Vertex Pharmaceuticals(A) | | 272 | | 94,585 | |
| Viatris, Inc. | | 10 | | 99 | |
| Waters Corp.(A) | | 108 | | 29,615 | |
| West Pharmaceutical Services, Inc. | | 19 | | 7,129 | |
| Zimmer Biomet Holdings | | 81 | | 9,090 | |
| Zoetis, Inc. | | 497 | | 86,468 | |
| | | | | 7,336,616 | |
| | | | | | |
5.75% | INDUSTRIALS | | | | | |
| Alaska Air Group, Inc.(A) | | 16 | | 593 | |
| Ametek, Inc. | | 461 | | 68,117 | |
| A.O. Smith Corp. | | 159 | | 10,515 | |
| Broadridge Financial Solutions, Inc. | | 81 | | 14,503 | |
| Carrier Global Corp. | | 1,242 | | 68,558 | |
| Caterpillar, Inc. | | 725 | | 197,925 | |
| C.H. Robinson Worldwide, Inc. | | 555 | | 47,802 | |
| Cintas Corp. | | 107 | | 51,468 | |
| Copart, Inc.(A) | | 1,716 | | 73,942 | |
| CSX Corp. | | 4,554 | | 140,036 | |
| Delta Air Lines, Inc. | | 20 | | 740 | |
| Dover Corp. | | 263 | | 36,691 | |
| Eaton Corp. plc | | 98 | | 20,901 | |
| Expeditors International of Washington, Inc. | | 531 | | 60,869 | |
| Fastenal Co. | | 686 | | 37,483 | |
7
QUARTERLY REPORT
Applied Finance Value Large Cap ETF Fund
Schedule of Investments - continuedSeptember 30, 2023 (unaudited)
| | | Shares |
| Value | |
| FedEx Corp. | | 189 | | $50,070 | |
| Fortive Corporation | | 247 | | 18,318 | |
| General Dynamics Corp. | | 255 | | 56,347 | |
| Grainger WW, Inc. | | 83 | | 57,423 | |
| Honeywell International | | 721 | | 133,198 | |
| Howmet Aerospace, Inc. | | 11 | | 509 | |
| J.B. Hunt Transport Services, Inc. | | 179 | | 33,745 | |
| Huntington Ingalls Industries, Inc. | | 21 | | 4,296 | |
| Idex Corp. | | 16 | | 3,328 | |
| Illinois Tool Works, Inc. | | 342 | | 78,766 | |
| Ingersoll Rand, Inc. | | 465 | | 29,630 | |
| Johnson Controls International ADR | | 1 | | 53 | |
| L3Harris Technologies, Inc. | | 185 | | 32,212 | |
| Leidos Holdings | | 554 | | 51,057 | |
| Lockheed Martin Corp. | | 424 | | 173,399 | |
| M Co. | | 1,174 | | 109,910 | |
| Masco Corp. | | 1,064 | | 56,871 | |
| Nordson Corp. | | 27 | | 6,026 | |
| Norfolk Southern Corp. | | 497 | | 97,874 | |
| Northrop Grumman Corp. | | 397 | | 174,755 | |
| Old Dominion Freight | | 96 | | 39,277 | |
| Otis Worldwide Corp. | | 1,720 | | 138,133 | |
| Paychex, Inc. | | 256 | | 29,524 | |
| Quanta Services, Inc. | | 75 | | 14,030 | |
| Robert Half, Inc. | | 236 | | 17,294 | |
| Rockwell Automation, Inc. | | 91 | | 26,014 | |
| Rollins, Inc. | | 249 | | 9,295 | |
| RTX Corp. | | 340 | | 24,470 | |
| Snap-On, Inc. | | 87 | | 22,190 | |
| Southwest Airlines | | 153 | | 4,142 | |
| Textron, Inc. | | 83 | | 6,486 | |
| Trane Technologies plc ADR | | 248 | | 50,322 | |
| Transdigm Group, Inc. | | 24 | | 20,235 | |
| Union Pacific Corp. | | 1,303 | | 265,330 | |
| UPS Inc. Class B | | 934 | | 145,583 | |
| Verisk Analytics, Inc. | | 228 | | 53,863 | |
| Wabtec Corp. | | 162 | | 17,216 | |
| Waste Management, Inc. | | 22 | | 3,354 | |
| Xylem, Inc. | | 1 | | 91 | |
| | | | | 2,884,779 | |
8
QUARTERLY REPORT
Applied Finance Value Large Cap ETF Fund
Schedule of Investments - continuedSeptember 30, 2023 (unaudited)
| | | Shares |
| Value | |
14.06% | INFORMATION TECHNOLOGY: Hardware | | | | | |
| Advanced Micro Devices(A) | | 3,421 | | $351,747 | |
| Amphenol Corp. Class A | | 688 | | 57,785 | |
| Analog Devices, Inc. | | 466 | | 81,592 | |
| Apple, Inc. | | 21,361 | | 3,657,217 | |
| Applied Materials, Inc. | | 2,702 | | 374,092 | |
| Arista Networks, Inc.(A) | | 178 | | 32,740 | |
| Corning, Inc. | | 912 | | 27,789 | |
| Enphase Energy, Inc.(A) | | 77 | | 9,252 | |
| Hewlett-Packard Enterprise | | 1,427 | | 24,787 | |
| HP, Inc. | | 3,874 | | 99,562 | |
| International Business Machines | | 775 | | 108,733 | |
| Juniper Networks, Inc. | | 237 | | 6,586 | |
| Keysight Technologies, Inc.(A) | | 103 | | 13,628 | |
| Lam Research Corp. | | 393 | | 246,321 | |
| Microchip Technology, Inc. | | 1,768 | | 137,992 | |
| Micron Technology, Inc. | | 1,988 | | 135,244 | |
| Monolithic Power Systems, Inc. | | 2 | | 924 | |
| Motorola Solutions, Inc. | | 181 | | 49,275 | |
| Nvidia Corp. | | 1,097 | | 477,184 | |
| On Semiconductor Corp.(A) | | 548 | | 50,937 | |
| Texas Instruments, Inc. | | 3,825 | | 608,213 | |
| NXP Semiconductors NV ADR | | 460 | | 91,963 | |
| Qualcomm, Inc. | | 2,825 | | 313,744 | |
| Skyworks Solutions, Inc. | | 239 | | 23,563 | |
| TE Connectivity Ltd. ADR | | 182 | | 22,482 | |
| Teledyne Technologies, Inc.(A) | | 13 | | 5,312 | |
| Teradyne, Inc. | | 251 | | 25,215 | |
| Western Digital Co.(A) | | 380 | | 17,339 | |
| | | | | 7,051,218 | |
| | | | �� | | |
15.05% | INFORMATION TECHNOLOGY: Software & Services | | ||||
| Accenture plc ADR | | 1,165 | | 357,783 | |
| Adobe, Inc.(A) | | 1,171 | | 597,093 | |
| Akamai Technologies, Inc.(A) | | 166 | | 17,686 | |
| Ansys, Inc.(A) | | 14 | | 4,166 | |
| Auto Desk(A) | | 256 | | 52,969 | |
| Broadcom, Inc. | | 1,705 | | 1,416,139 | |
| Cadence Design Systems(A) | | 106 | | 24,836 | |
| CDW Corp./DE | | 560 | | 112,986 | |
| Cisco Systems, Inc. | | 5,837 | | 313,797 | |
| Cognizant Tech Solutions | | 569 | | 38,544 | |
9
QUARTERLY REPORT
Applied Finance Value Large Cap ETF Fund
Schedule of Investments - continuedSeptember 30, 2023 (unaudited)
| | | Shares |
| Value | |
| DXC Technology Co.(A) | | 326 | | $6,790 | |
| EPAM Systems, Inc.(A) | | 14 | | 3,580 | |
| F5, Inc.(A) | | 23 | | 3,706 | |
| Fair Isaac Corp.(A) | | 99 | | 85,984 | |
| Fortinet, Inc.(A) | | 623 | | 36,558 | |
| Gartner Group, Inc.(A) | | 251 | | 86,246 | |
| Gen Digital, Inc. | | 832 | | 14,710 | |
| KLA Corp. | | 611 | | 280,241 | |
| Microsoft Corp. | | 9,984 | | 3,152,448 | |
| NetApp, Inc. | | 322 | | 24,433 | |
| Oracle Corp. | | 5,084 | | 538,497 | |
| PTC, Inc.(A) | | 25 | | 3,542 | |
| Qorvo, Inc.(A) | | 234 | | 22,340 | |
| Roper Technologies, Inc. | | 266 | | 128,818 | |
| Salesforce, Inc.(A) | | 334 | | 67,728 | |
| Seagate Technology Holdings plc ADR | | 235 | | 15,498 | |
| Servicenow, Inc.(A) | | 11 | | 6,149 | |
| Synopsys, Inc.(A) | | 84 | | 38,553 | |
| Trimble Navigation, Ltd.(A) | | 317 | | 17,074 | |
| Tyler Technologies, Inc.(A) | | 11 | | 4,247 | |
| Verisign, Inc.(A) | | 385 | | 77,974 | |
| | | | | 7,551,115 | |
| | | | | | |
1.99% | MATERIALS | | | | | |
| Air Products & Chemicals | | 120 | | 34,008 | |
| Amcor plc ADR | | 2,102 | | 19,254 | |
| Avery Dennison Corp. | | 97 | | 17,719 | |
| CF Industries Holdings | | 420 | | 36,011 | |
| Corteva, Inc. | | 378 | | 19,338 | |
| Dow, Inc. | | 835 | | 43,053 | |
| Eastman Chemical Co. | | 81 | | 6,214 | |
| Ecolab, Inc. | | 77 | | 13,044 | |
| FMC Corp. | | 479 | | 32,079 | |
| Freeport-McMoRan, Inc. | | 2,457 | | 91,622 | |
| International Paper | | 1,125 | | 39,904 | |
| LyondellBasell Industries NV ADR | | 844 | | 79,927 | |
| Martin Marietta Materials | | 36 | | 14,777 | |
| The Mosaic Co. | | 756 | | 26,914 | |
| New Linde plc ADR | | 102 | | 37,980 | |
| Newmont Goldcorp Corp. | | 168 | | 6,208 | |
| Nucor Corp. | | 1,097 | | 171,516 | |
| Packaging Corp. of America | | 116 | | 17,812 | |
Applied Finance Value Large Cap ETF Fund
Schedule of Investments - continuedSeptember 30, 2023 (unaudited)
See Notes to Schedule of Investments
10
QUARTERLY REPORT
| | | Shares |
| Value | |
| PPG Industries, Inc. | | 180 | | $23,364 | |
| Sealed Air Corp. | | 401 | | 13,177 | |
| Sherwin-Williams Co. | | 654 | | 166,803 | |
| Steel Dynamics, Inc. | | 784 | | 84,060 | |
| Vulcan Materials Co. | | 13 | | 2,626 | |
| Westrock Co. | | 11 | | 394 | |
| | | | | 997,804 | |
| | | | | | |
1.54% | REAL ESTATE | | | | | |
| American Tower Corp. REIT | | 2,393 | | 393,529 | |
| Avalonbay Communities, Inc. | | 6 | | 1,030 | |
| CBRE Group, Inc.(A) | | 623 | | 46,015 | |
| Crown Castle, Inc. | | 459 | | 42,242 | |
| Equity Residential | | 414 | | 24,306 | |
| Essex Property | | 27 | | 5,726 | |
| Healthpeak Properties, Inc. | | 172 | | 3,158 | |
| Host Hotels & Resorts | | 1,148 | | 18,448 | |
| Invitation Homes, Inc. | | 89 | | 2,820 | |
| Kimco Realty Corp. | | 169 | | 2,973 | |
| MidAmerica Apartment | | 79 | | 10,163 | |
| Public Storage | | 110 | | 28,987 | |
| Regency Centers Corp. | | 4 | | 238 | |
| Simon Property Group, Inc. | | 1,025 | | 110,731 | |
| Ventas, Inc. | | 677 | | 28,522 | |
| Weyerhaeuser Co. | | 1,686 | | 51,693 | |
| | | | | 770,581 | |
| | | | | | |
0.26% | UTILITIES | | | | | |
| Centerpoint Energy, Inc. | | 176 | | 4,726 | |
| Constellation Energy Corp. | | 1,094 | | 119,334 | |
| Firstenergy Corp. | | 161 | | 5,503 | |
| Public Service Enterprise Group, Inc. | | 40 | | 2,276 | |
| | | | | 131,839 | |
| | | | | | |
99.40% | TOTAL COMMON STOCK | | | | | |
| (Cost: $49,425,131) | | 49,872,391 | | ||
| | | | | | |
99.40% | TOTAL INVESTMENTS | | | | 49,872,391 | |
| (Cost: $49,425,131) | | | | ||
0.60% | Assets net of liabilities | | 298,556 | | ||
100.00% | NET ASSETS | | $50,170,947 | |
(A)Non-income producing
11
QUARTERLY REPORT
Applied Finance Value Large Cap ETF Fund
Schedule of Investments - continuedSeptember 30, 2023 (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, 2023:
| | | | Level 2 | | Level 3 | | | |
| | Quoted Prices |
| Other |
| Significant |
| Total | |
COMMON STOCKS | | $49,872,391 |
| $— |
| $— |
| $49,872,391 | |
TOTAL INVESTMENTS | | $49,872,391 |
| $— |
| $— |
| $49,872,391 | |
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, 2023.
At September 30, 2023 the cost of investments 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 $49,425,131 and the related tax-based net unrealized appreciation (depreciation) consists of:
| Gross unrealized appreciation | | $2,058,747 | |
| Gross unrealized depreciation | | (1,611,487 | ) |
| Net unrealized appreciation | | $447,260 |