NPORT-EX 2 jets.htm JETS PART F 9.30.24

U.S. Global Jets ETF
  
Schedule of Investments
  
September 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 99.7%
  
Shares
    
Value
  
Australia - 0.5%
        
Qantas Airways, Ltd. (a)
    
1,100,396
    
$
5,644,812
  
                 
Brazil - 0.4%
          
Embraer SA - ADR (a)
    
139,771
      
4,943,700
  
                 
Canada - 5.2%
          
Air Canada (a)
    
2,677,984
      
32,453,812
  
Bombardier, Inc. - Class B (a)
    
320,939
      
24,420,742
  
             
56,874,554
  
                 
China - 1.8%
          
Tongcheng Travel Holdings Ltd.
    
2,691,671
      
6,911,087
  
Trip.com Group, Ltd. - ADR (a)
    
213,866
      
12,710,056
  
             
19,621,143
  
                 
France - 1.9%
          
Aeroports de Paris SA
    
39,311
      
5,045,426
  
Air France-KLM (a)(b)
    
556,433
      
5,585,699
  
Airbus SE
    
69,753
      
10,188,667
  
             
20,819,792
  
                 
Germany - 1.0%
          
Deutsche Lufthansa AG
    
1,574,640
      
11,533,513
  
                 
Hungary - 0.6%
          
Wizz Air Holdings PLC (a)(c)
    
330,646
      
6,409,839
  
                 
India - 0.9%
          
MakeMyTrip, Ltd. (a)(b)
    
105,335
      
9,790,888
  
                 
Ireland - 1.0%
          
Ryanair Holdings PLC - ADR (b)
    
235,415
      
10,636,050
  
                 
Japan - 1.4%
          
ANA Holdings, Inc.
    
239,177
      
5,107,213
  
Japan Airlines Company, Ltd. (b)
    
590,832
      
10,349,066
  
             
15,456,279
  
                 
Mexico - 1.4%
          
Grupo Aeroportuario del Centro Norte SAB de CV
    
585,899
      
4,941,905
  
Grupo Aeroportuario del Pacifico SAB de CV - Class B
    
294,053
      
5,096,421
  
Grupo Aeroportuario del Sureste SAB de CV - ADR
    
18,124
      
5,124,742
  
             
15,163,068
  
                 
Norway - 0.5%
          
Norwegian Air Shuttle ASA (a)
    
4,914,921
      
6,035,978
  
                 
Panama - 0.5%
          
Copa Holdings SA - Class A
    
56,968
      
5,345,877
  
                 
Singapore - 0.9%
          
SATS, Ltd.
    
1,782,297
      
5,006,102
  
Singapore Airlines, Ltd.
    
1,018,992
      
5,391,282
  
             
10,397,384
  
                 
Spain - 1.9%
          
Aena SME SA (c)
    
48,125
      
10,585,518
  
Amadeus IT Group SA
    
145,735
      
10,531,659
  
             
21,117,177
  
                 
Switzerland - 0.5%
          
Flughafen Zurich AG
    
21,578
      
5,185,757
  
                 
Thailand - 0.5%
          
Airports of Thailand PCL
    
2,691,985
      
5,354,270
  
                 
Turkey - 2.2%
          
Celebi Hava Servisi AS
    
93,176
      
4,999,721
  
Pegasus Hava Tasimaciligi AS (a)
    
717,846
      
5,023,190
  
TAV Havalimanlari Holding AS (a)
    
648,611
      
4,735,965
  
Turk Hava Yollari AO (a)
    
1,194,268
      
9,952,961
  
             
24,711,837
  
                 
United Kingdom - 1.5%
          
easyJet PLC
    
782,015
      
5,436,686
  
International Consolidated Airlines Group SA
    
3,928,629
      
10,788,406
  
             
16,225,092
  
                 
United States - 75.1%(d)
          
Air Transport Services Group, Inc. (a)
    
1,350,897
      
21,871,022
  
Alaska Air Group, Inc. (a)
    
756,806
      
34,215,199
  
Allegiant Travel Company (b)
    
741,429
      
40,823,081
  
American Airlines Group, Inc. (a)(b)
    
9,088,188
      
102,151,233
  
Boeing Company (a)(b)
    
123,802
      
18,822,856
  
Booking Holdings, Inc.
    
5,218
      
21,978,842
  
Delta Air Lines, Inc. (b)
    
2,290,902
      
116,354,913
  
Expedia Group, Inc. (a)
    
152,445
      
22,564,909
  
Frontier Group Holdings, Inc. (a)(b)
    
7,564,954
      
40,472,504
  
General Dynamics Corporation
    
66,997
      
20,246,493
  
JetBlue Airways Corporation (a)(b)
    
5,153,749
      
33,808,593
  
SkyWest, Inc. (a)
    
401,058
      
34,097,951
  
Southwest Airlines Company (b)
    
3,400,904
      
100,768,786
  
Spirit Airlines, Inc. (b)
    
12,006,873
      
28,816,495
  
Sun Country Airlines Holdings, Inc. (a)(b)
    
2,705,789
      
30,331,895
  
Textron, Inc.
    
231,743
      
20,527,795
  
TripAdvisor, Inc. (a)
    
1,512,548
      
21,916,821
  
United Airlines Holdings, Inc. (a)
    
2,055,866
      
117,307,714
  
             
827,077,102
  
TOTAL COMMON STOCKS (Cost $1,257,168,601)
      
1,098,344,112
  
                 
SHORT-TERM INVESTMENTS - 28.6%
                
Investments Purchased with Proceeds from Securities Lending- 27.9%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 5.02% (e)(f)(g)
    
306,580,325
      
306,580,325
  
                 
Money Market Funds - 0.7%
  
Shares
          
First American Government Obligations Fund - Class X, 4.82% (e)
    
8,129,477
      
8,129,477
  
TOTAL SHORT-TERM INVESTMENTS (Cost $314,709,802)
      
314,709,802
  
                 
TOTAL INVESTMENTS - 128.3% (Cost $1,571,878,403)
      
1,413,053,914
  
Liabilities in Excess of Other Assets - (28.3)%
      
(311,788,543
)
TOTAL NET ASSETS - 100.0%
          
$
1,101,265,371
  
                 
Percentages are stated as a percent of net assets.
          

ADR - American Depositary Receipt
AG - Aktiengesellschaft
AO – Anonim Ortakligi
AS - Aksjeselskap
ASA - Advanced Subscription Agreement
KLM – Kononklijke Luchtvaart Maatschappij
PCL – Public Company Limited
PLC - Public Limited Company
SA - Sociedad Anónima
SAB de CV - Sociedad Anónima Bursátil de Capital Variable
SE – Societas Europeae

(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of September 30, 2024. The total market value of these securities was $297,880,862 which represented 27.0% of net assets.
(c)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2024, the value of these securities total $16,995,357 or 1.5% of the Fund’s 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)
The rate shown represents the 7-day annualized effective yield as of September 30, 2024.
(f)
Privately offered liquidity fund.
(g)
Fair value of this security exceeds 25% of the Fund’s net assets.  Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.


Summary of Fair Value Disclosure as of September 30, 2024 (Unaudited)
 
U.S. Global Jets ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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 following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2024:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
1,098,344,112
    
$
–
    
$
–
    
$
1,098,344,112
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
306,580,325
  
  Money Market Funds
    
8,129,477
      
–
      
–
      
8,129,477
  
Total Investments
  
$
1,106,473,589
    
$
–
    
$
–
    
$
1,413,053,914
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  

(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.


Transactions With Affiliated Securities
                      

Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2024 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
    
Shares Held at
  
Affiliated Issuer
  
12/31/2023
    
at Cost
    
from Sales
    
Gain (Loss)
    
(Depreciation)
    
9/30/2024
    
9/30/2024
  
Spirit Airlines Inc.
  
$
-
      
44,183,146
      
(4,696,920
)
    
(896,623
)
    
(9,773,108
)
    
28,816,495
      
12,006,873
  
Sun Country Airlines Holdings Inc.
    
44,838,758
      
28,088,834
      
(31,570,057
)
    
(3,444,274
)
    
(7,581,366
)
    
30,331,895
      
2,705,789
  
   
$
44,838,758
    
$
72,271,980
    
$
(36,266,977
)
  
$
(4,340,897
)
  
$
(17,354,474
)
  
$
59,148,390