Formidable ETF
Schedule of Investments
December 31, 2023 (unaudited)
Shares | Value | |||||||||||
82.77 | % | COMMON STOCK | ||||||||||
2.53 | % | COMMUNICATION SERVICES | ||||||||||
TEGNA, Inc. | 47,506 | $ | 726,842 | |||||||||
2.73 | % | CONSUMER DISCRETIONARY | ||||||||||
Capri Holdings Ltd. ADR(A) | 8,781 | 441,157 | ||||||||||
PetMed Express, Inc.(A) | 45,202 | 341,727 | ||||||||||
782,884 | ||||||||||||
8.17 | % | CONSUMER STAPLES | ||||||||||
British American Tobacco plc. ADR | 31,816 | 931,891 | ||||||||||
Altria Group, Inc. | 35,057 | 1,414,199 | ||||||||||
2,346,090 | ||||||||||||
16.89 | % | ENERGY | ||||||||||
Baytex Energy Corp. ADR | 224,432 | 745,114 | ||||||||||
Alliance Resource Partners LP | 37,861 | 801,896 | ||||||||||
Delek US Holdings, Inc. | 15,176 | 391,541 | ||||||||||
Energy Transfer LP | 74,767 | 1,031,785 | ||||||||||
Pioneer Natural Resources | 3,394 | 763,243 | ||||||||||
Sitio Royalties Corp., Class A | 32,158 | 756,035 | ||||||||||
Williams Cos., Inc. | 10,313 | 359,202 | ||||||||||
4,848,816 | ||||||||||||
9.78 | % | FINANCIALS | ||||||||||
Acacia Research Corp.(A) | 533,444 | 2,091,100 | ||||||||||
PayPal Holdings, Inc.(A) | 11,668 | 716,532 | ||||||||||
2,807,632 | ||||||||||||
10.32 | % | HEALTH CARE | ||||||||||
Mereo BioPharma Group plc. ADR(A) | 319,390 | 737,791 | ||||||||||
Royalty Pharma Plc ADR | 32,901 | 924,189 | ||||||||||
BioAtla, Inc.(A) | 154,246 | 379,445 | ||||||||||
CytomX Therapeutics, Inc.(A) | 306,107 | 474,466 | ||||||||||
Pfizer, Inc. | 15,517 | 446,734 | ||||||||||
2,962,625 | ||||||||||||
9.28 | % | INDUSTRIALS | ||||||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR | 1,277 | 375,783 | ||||||||||
Flux Power Holdings, Inc.(A) | 454,260 | 1,867,009 | ||||||||||
Spirit Airlines, Inc. | 25,796 | 422,796 | ||||||||||
2,665,588 | ||||||||||||
12.47 | % | MATERIALS | ||||||||||
Lithium Americas Corp. Argentina ADR(A) | 94,372 | 596,431 | ||||||||||
Lithium Americas Corp. ADR(A) | 82,413 | 527,443 | ||||||||||
SilverCrest Metals, Inc. ADR(A) | 76,042 | 498,075 | ||||||||||
Wheaton Precious Metals Corp. ADR | 21,834 | 1,077,290 | ||||||||||
Newmont Goldcorp Corp. | 21,283 | 880,903 | ||||||||||
3,580,142 | ||||||||||||
3.43 | % | REAL ESTATE | ||||||||||
American Tower Corporate REIT | 1,794 | 387,289 | ||||||||||
Sun Communities, Inc. | 4,477 | 598,351 | ||||||||||
985,640 | ||||||||||||
7.17 | % | UTILITIES | ||||||||||
Algonquin Power & Utilities Corp. ADR | 101,075 | 638,794 | ||||||||||
Brookfield Infrastructure Partners LP ADR | 26,262 | 826,990 | ||||||||||
NextEra Energy Partners LP | 19,475 | 592,235 | ||||||||||
2,058,019 | ||||||||||||
82.77 | % | TOTAL COMMON STOCK | 23,764,278 | |||||||||
13.06 | % | DEBT SECURITIES | ||||||||||
13.06 | % | TREASURIES | ||||||||||
US T-BILL 03/21/2024 0.000%(A) | 1,175,000 | 1,161,642 | ||||||||||
US T-BILL 04/04/2024 0.000%(A) | 1,446,000 | 1,426,610 | ||||||||||
US T-BILL 06/20/2024 0.000%(A) | 1,190,000 | 1,161,645 | ||||||||||
13.06 | % | TOTAL TREASURIES | 3,749,897 | |||||||||
13.06 | % | TOTAL DEBT SECURITIES | $ | 3,749,897 |
1
Formidable ETF
Schedule of Investments - continued
December 31, 2023 (unaudited)
0.98 | % | OPTIONS | ||||||||||||||||||||||
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | |||||||||||||||||||
0.98 | % | OPTIONS PURCHASED | ||||||||||||||||||||||
0.98 | % | PUT | ||||||||||||||||||||||
iShares iBoxx High Yield Corporate Bond ETF | 1,000 | 77,390 | 74 | 01/18/2024 | $ | 3,000 | ||||||||||||||||||
iShares iBoxx High Yield Corporate Bond ETF | 500 | 38,695 | 75 | 01/18/2024 | 2,500 | |||||||||||||||||||
iShares iBoxx High Yield Corporate Bond ETF | 500 | 38,695 | 76 | 01/18/2024 | 6,000 | |||||||||||||||||||
iShares iBoxx High Yield Corporate Bond ETF | 250 | 19,348 | 755 | 01/25/2024 | 2,250 | |||||||||||||||||||
iShares iBoxx High Yield Corporate Bond ETF | 500 | 38,695 | 73 | 02/15/2024 | 240,000 | |||||||||||||||||||
iShares Russell 2000 ETF | 100 | 20,071 | 174 | 01/18/2024 | 1,300 | |||||||||||||||||||
iShares Russell 2000 ETF | 50 | 10,036 | 175 | 01/18/2024 | 700 | |||||||||||||||||||
iShares Russell 2000 ETF | 50 | 10,036 | 176 | 01/18/2024 | 700 | |||||||||||||||||||
iShares Russell 2000 ETF | 100 | 20,071 | 186 | 01/18/2024 | 3,800 | |||||||||||||||||||
iShares Russell 2000 ETF | 220 | 44,156 | 190 | 01/25/2024 | 22,440 | |||||||||||||||||||
iShares Russell 2000 ETF | 125 | 25,089 | 17 | 12/28/2023 | 125 | |||||||||||||||||||
282,815 | ||||||||||||||||||||||||
0.98 | % | TOTAL OPTIONS PURCHASED | 282,815 | |||||||||||||||||||||
0.98 | % | TOTAL OPTIONS | 282,815 | |||||||||||||||||||||
96.81 | % | TOTAL INVESTMENTS | 27,796,990 | |||||||||||||||||||||
3.19 | % | Assets net of liabilities | 915,261 | |||||||||||||||||||||
100.00 | % | NET ASSETS | $ | 28,712,251 |
2
Formidable ETF
Schedule of Investments - continued
December 31, 2023 (unaudited)
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | |||||||||||||||||||
(0.59 | %) | OPTIONS WRITTEN | ||||||||||||||||||||||
(0.58 | %) | CALL | ||||||||||||||||||||||
American Tower Corporate REIT | (17 | ) | (3,670 | ) | 230 | 02/15/2024 | $ | (4,420 | ) | |||||||||||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V. | (12 | ) | (3,531 | ) | 300 | 02/15/2024 | (15,060 | ) | ||||||||||||||||
BioAtla, Inc. | (1,210 | ) | (2,977 | ) | 25 | 01/18/2024 | (25,410 | ) | ||||||||||||||||
BioAtla, Inc. | (101 | ) | (248 | ) | 5 | 02/15/2024 | (505 | ) | ||||||||||||||||
Brookfield Infrastructure Partners LP | (80 | ) | (2,519 | ) | 30 | 01/18/2024 | (14,600 | ) | ||||||||||||||||
Baytex Energy Corp. | (650 | ) | (2,158 | ) | 5 | 01/18/2024 | (1,300 | ) | ||||||||||||||||
British American Tobacco plc. | (100 | ) | (2,929 | ) | 31 | 01/18/2024 | (500 | ) | ||||||||||||||||
CytomX Therapeutics, Inc. | (500 | ) | (775 | ) | 25 | 02/15/2024 | (5,000 | ) | ||||||||||||||||
Delek US Holdings, Inc. | (40 | ) | (1,032 | ) | 325 | 01/18/2024 | (1,800 | ) | ||||||||||||||||
Energy Transfer LP | (200 | ) | (2,760 | ) | 15 | 01/18/2024 | (400 | ) | ||||||||||||||||
Lithium Americas Corp. Argentina | (200 | ) | (1,264 | ) | 75 | 01/18/2024 | (1,000 | ) | ||||||||||||||||
Lithium Americas Corp. Argentina | (225 | ) | (1,422 | ) | 75 | 02/15/2024 | (3,375 | ) | ||||||||||||||||
Lithium Americas Corp. | (100 | ) | (640 | ) | 8 | 01/25/2024 | (1,000 | ) | ||||||||||||||||
Lithium Americas Corp. | (205 | ) | (1,312 | ) | 9 | 12/28/2023 | (2,050 | ) | ||||||||||||||||
Mereo BioPharma Group plc. | (3,193 | ) | (7,376 | ) | 25 | 01/18/2024 | (63,860 | ) | ||||||||||||||||
Newmont Goldcorp Corp. | (50 | ) | (2,070 | ) | 47 | 01/25/2024 | (800 | ) | ||||||||||||||||
NextEra Energy Partners LP | (30 | ) | (912 | ) | 27 | 01/04/2024 | (10,800 | ) | ||||||||||||||||
NextEra Energy Partners LP | (45 | ) | (1,368 | ) | 34 | 01/18/2024 | (1,350 | ) | ||||||||||||||||
PetMed Express, Inc. | (200 | ) | (1,512 | ) | 10 | 01/18/2024 | (1,000 | ) | ||||||||||||||||
Pfizer, Inc. | (50 | ) | (1,440 | ) | 30 | 01/25/2024 | (1,600 | ) | ||||||||||||||||
Pioneer Natural Resources | (10 | ) | (2,249 | ) | 250 | 12/28/2023 | (1,500 | ) | ||||||||||||||||
PayPal Holdings, Inc. | (15 | ) | (921 | ) | 67.5 | 01/18/2024 | (570 | ) | ||||||||||||||||
PayPal Holdings, Inc. | (25 | ) | (1,535 | ) | 70 | 01/18/2024 | (550 | ) | ||||||||||||||||
Royalty Pharma Plc | (100 | ) | (2,809 | ) | 30 | 01/18/2024 | (2,500 | ) | ||||||||||||||||
Sitio Royalties Corp., Class A | (100 | ) | (2,351 | ) | 25 | 01/18/2024 | (1,700 | ) | ||||||||||||||||
TEGNA, Inc. | (200 | ) | (3,060 | ) | 17 | 01/18/2024 | (1,000 | ) | ||||||||||||||||
Williams Cos., Inc. | (30 | ) | (1,045 | ) | 38 | 02/01/2024 | (1,200 | ) | ||||||||||||||||
Wheaton Precious Metals Corp. | (40 | ) | (1,974 | ) | 56 | 01/25/2024 | (600 | ) | ||||||||||||||||
Wheaton Precious Metals Corp. | (40 | ) | (1,974 | ) | 57 | 02/01/2024 | (800 | ) | ||||||||||||||||
(166,250 | ) | |||||||||||||||||||||||
(0.01 | %) | PUT | ||||||||||||||||||||||
iShares Russell 2000 ETF | (110 | ) | (22,078 | ) | 180 | 01/25/2024 | (3,300 | ) | ||||||||||||||||
(0.59 | %) | TOTAL OPTIONS WRITTEN | $ | (169,550 | ) |
(A)Non-income producing
(B)Effective 7 day yield as of December 31, 2023
See Notes to Schedule of Investments
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 December 31, 2023:
Level 1 | Level 2 | Level 3 | ||||||||||||||
Quoted Prices | Other Significant Observable Inputs | Significant Unobservable Inputs | Total | |||||||||||||
COMMON STOCKS | $ | 23,764,278 | $ | — | $ | — | $ | 23,764,278 | ||||||||
TREASURIES | $ | 3,749,897 | $ | 3,749,897 | ||||||||||||
OPTIONS PURCHASED | $ | 282,815 | — | $ | 282,815 | |||||||||||
TOTAL INVESTMENTS | $ | 27,514,175 | $ | 282,815 | $ | — | $ | 27,796,990 | ||||||||
OPTIONS WRITTEN | $ | — | $ | (169,550 | ) | $ | — | $ | (169,550 | ) |
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 December 31, 2023
At December 31, 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 $30,668,956 and the related tax-based net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation | $ | 1,687,649 | |||
Gross unrealized depreciation | (4,729,165 | ) | |||
Net unrealized appreciation | $ | (3,041,516 | ) |
3