NPORT-EX 2 jets.htm JETS 09.30.23 PART F

U.S. Global Jets ETF
Schedule of Investments
September 30, 2023 (Unaudited)
Shares
  
Security Description
      
Value
   
COMMON STOCKS — 99.2% 
        
   
Australia — 0.5%
        
2,108,606
  
Qantas Airways, Ltd. (a)
      
$
 7,022,676
             
   
Brazil — 0.5%
        
501,927
  
Embraer SA - ADR (a)
      
   6,886,438
             
   
Canada — 4.8%
        
2,825,832
  
Air Canada (a)
      
   40,319,988
785,089
  
Bombardier, Inc. - Class B (a)
      
   27,374,795
           
   67,694,783
   
China — 1.0%
        
412,302
  
Trip.com Group, Ltd. - ADR (a)
      
   14,418,201
             
   
France — 2.0%
        
60,153
  
Aeroports de Paris SA
      
   7,116,478
528,715
  
Air France-KLM (a)
      
   6,650,791
107,522
  
Airbus SE
      
   14,434,787
           
   28,202,056
   
Germany — 0.5%
        
865,088
  
Deutsche Lufthansa AG (a)
      
   6,865,095
             
   
Hong Kong — 0.5%
        
6,969,850
  
Cathay Pacific Airways, Ltd. (a)
      
   7,155,913
             
   
India — 0.6%
        
200,960
  
MakeMyTrip, Ltd. (a)
      
   8,142,899
             
   
Ireland — 1.1%
        
157,070
  
Ryanair Holdings plc - ADR (a)
      
   15,268,775
             
   
Japan — 3.1%
        
696,042
  
ANA Holdings, Inc. (a)(b)
      
   14,592,476
765,578
  
Japan Airlines Company, Ltd.
      
   14,897,623
165,458
  
Japan Airport Terminal Company, Ltd.
      
   7,016,243
958,585
  
Skymark Airlines, Inc.
      
   6,895,603
           
   43,401,945
   
Mexico — 1.5%
        
659,602
  
Grupo Aeroportuario del Centro Norte SAB de CV
      
   7,170,369
437,374
  
Grupo Aeroportuario del Pacifico SAB de CV - Class B
      
   7,180,939
29,687
  
Grupo Aeroportuario del Sureste SAB de CV - ADR
      
   7,294,393
           
   21,645,701
   
Panama — 1.0%
        
152,087
  
Copa Holdings SA - Class A
      
   13,553,993
             
   
Singapore — 1.0%
        
3,055,436
  
Singapore Airlines, Ltd.
      
   14,439,003
             
   
Spain — 1.5%
        
48,564
  
Aena SME SA (c)
      
   7,321,696
226,498
  
Amadeus IT Group SA
      
   13,716,557
           
   21,038,253
   
Switzerland — 1.0%
        
37,620
  
Flughafen Zurich AG
      
   7,184,111
293,753
  
Wizz Air Holdings plc (a)(c)
      
   6,881,476
           
   14,065,587
   
Thailand — 0.5%
        
3,724,332
  
Airports of Thailand pcl
      
   7,134,148
             
   
Turkey — 2.1%
        
230,530
  
Pegasus Hava Tasimaciligi AS (a)
      
   6,929,731
1,619,539
  
TAV Havalimanlari Holding AS (a)
      
   7,401,143
1,643,233
  
Turk Hava Yollari AO (a)
      
   14,533,399
           
   28,864,273
   
United Kingdom — 1.5%
        
1,414,605
  
easyJet plc (a)
      
   7,375,070
7,804,594
  
International Consolidated Airlines Group SA (a)
      
   14,093,215
           
   21,468,285
   
United States — 74.5% (d)
        
1,455,939
  
Air Transport Services Group, Inc. (a)(b)
      
   30,385,447
1,152,596
  
Alaska Air Group, Inc. (a)
      
   42,738,260
532,932
  
Allegiant Travel Company (b)
      
   40,961,154
10,851,771
  
American Airlines Group, Inc. (a)
      
   139,011,187
139,333
  
Boeing Company (a)
      
   26,707,349
9,864
  
Booking Holdings, Inc. (a)
      
   30,420,083
3,721,812
  
Delta Air Lines, Inc.
      
   137,707,044
284,782
  
Expedia Group, Inc. (a)
      
   29,352,481
7,297,655
  
Frontier Group Holdings, Inc. (a)(b)
      
   35,320,650
139,662
  
General Dynamics Corporation
      
   30,861,113
5,897,272
  
Hawaiian Holdings, Inc. (a)(b)(e)
      
   37,329,732
8,008,529
  
JetBlue Airways Corporation (a)(b)
      
   36,839,233
1,064,831
  
SkyWest, Inc. (a)
      
   44,659,012
5,054,634
  
Southwest Airlines Company (b)
      
   136,828,942
3,133,535
  
Sun Country Airlines Holdings, Inc. (a)(e)
      
   46,501,659
405,526
  
Textron, Inc.
      
   31,687,802
1,945,557
  
TripAdvisor, Inc. (a)
      
   32,257,335
3,207,217
  
United Airlines Holdings, Inc. (a)
      
   135,665,279
           
   1,045,233,762
   
TOTAL COMMON STOCKS (Cost $1,834,285,841)
      
   1,392,501,786
             
   
PREFERRED STOCKS — 0.6% 
        
   
Brazil — 0.6%
        
907,312
  
Azul SA – ADR (a)(b)
      
   7,793,810
   
TOTAL PREFERRED STOCKS (Cost $8,482,259)
      
   7,793,810
             
Units
  
Security Description
      
Value
   
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 4.0%
        
56,927,796
  
Mount Vernon Liquid Assets Portfolio, LLC  - 5.68% (f)(g)
      
   56,927,796
   
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $56,927,796)
      
   56,927,796
Shares
  
SHORT-TERM INVESTMENTS — 0.2%
        
2,839,298
  
First American Government Obligations Fund  - Class X, 5.26% (f)
      
   2,839,298
   
TOTAL SHORT-TERM INVESTMENTS (Cost $2,839,298)
      
   2,839,298
             
   
TOTAL INVESTMENTS (Cost $1,902,535,194) — 104.0%
      
   1,460,062,690
   
Liabilities in Excess of Other Assets — (4.0)%
      
(56,762,725)
   
NET ASSETS — 100.0%
      
$ 
1,403,299,965
             
Percentages are stated as a percent of net assets.

ADR  American Depositary Receipt.

(a) Non-income producing security.
(b) All or a portion of this security is out on loan as of September 30, 2023.  The total value of securities on loan is $54,298,221 or 3.9% of net assets.
(c) Security exempt from registration under Rule 144(a) of the Securities Act of 1933. Such securities are treated as liquid securities, according to the Fund’s liquidity guidelines. At September 30, 2023, the value of these securities amounted to $14,203,172 or 1.0% of net assets.
(d) To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region.
(e) Affiliated common stock during the period.
(f) Rate shown is the annualized seven-day yield as of September 30, 2023.
(g) Privately offered liquidity fund.
 
Summary of Fair Value Disclosure at September 30, 2023 (Unaudited)
 
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America (“U.S. GAAP”) establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
 
Level 1 -
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. 
Level 2 -
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. 
Level 3 -
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security.
 
To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
 
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
 
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
 
U.S. Global Jets ETF
   
Level 1
    
Level 2
    
Level 3
    
Total
Assets(a)
                      
Common Stocks
  
$
1,392,501,786
    
$
–
    
$
–
    
$
1,392,501,786
Investments Purchased with Proceeds From Securities Lending
    
–
      
56,927,796
      
–
      
56,927,796
Preferred Stocks
    
7,793,810
      
–
      
–
      
7,793,810
Short-Term Investments
    
2,839,298
      
–
      
–
      
2,839,298
Total Investments in Securities
  
$
1,403,134,894
    
$
56,927,796
    
$
–
    
$
1,460,062,690

(a) See Schedule of Investments for further disaggregation of investment categories.

For the period ended September 30, 2023, the Fund did not recognize any transfers to or from Level 3. 


Transactions With Affiliated Securities
                                  
Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2023 for purposes of Section 2(a)(3) of the 1940 Act, due to the Fund owning greater than five percent of the outstanding voting shares, were as follows:
U.S. Global Jets ETF
                          
Change in
      
                           
Unrealized
      
   
Value at
    
Purchases
    
Proceeds
    
Net Realized
    
Appreciation
    
Value at
Affiliated Issuer
  
12/31/2022
    
at Cost
    
from Sales
    
Gain (Loss)
    
(Depreciation)
    
9/30/2023
SkyWest, Inc.*
  
$
57,885,810
    
$
57,968,653
    
$
(94,154,422
)
  
$
(48,576,946
)
  
$
71,535,917
    
$
44,659,012
Sun Country Airlines Holdings, Inc.
    
-
      
65,605,857
      
(8,502,374
)
    
601,295
      
(11,203,119
)
    
46,501,659
Hawaiian Holdings, Inc.
    
48,887,966
      
42,867,849
      
(33,647,981
)
    
(24,042,683
)
    
3,264,581
      
37,329,732
   
$
106,773,776
                    
$
(72,018,334
)
  
$
63,597,379
    
$
65,654,419
                                               
* As of September 30, 2023, SkyWest, Inc. was not considered to be an affiliate of the Fund.