NPORT-EX 2 cbls2.htm
Clough Long/Short Equity ETF
  
Schedule of Investments
  
July 31, 2023 (Unaudited)
  
   
Shares
    
Value
  
COMMON STOCKS — 99.8%
            
Banking — 5.2%
            
ICICI Bank, Ltd. - ADR (b)
    
6,050
    
$
148,648
  
NU Holdings, Ltd. - Class A (a)(b)
    
16,200
      
128,952
  
             
277,600
  
Consumer Discretionary Products — 5.8%
                
indie Semiconductor, Inc. - Class A (a)(d)
    
14,903
      
141,280
  
Skyline Champion Corp. (a)(d)
    
2,400
      
167,184
  
             
308,464
  
Consumer Discretionary Services — 14.9%
                
2U, Inc. (a)
    
24,204
      
115,695
  
Arcos Dorados Holdings, Inc. - Class A (b)(d)
    
12,243
      
138,346
  
Carnival Corp. (a)(b)
    
5,700
      
107,388
  
DraftKings, Inc. (a)(d)
    
3,500
      
111,230
  
OneSpaWorld Holdings, Ltd. (a)(b)(d)
    
11,200
      
143,864
  
Service Corp. International (d)
    
2,684
      
178,889
  
             
795,412
  
Consumer Staple Products — 2.0%
                
Carlsberg AS - Class B - ADR (b)(d)
    
3,600
      
107,748
  
                 
Health Care — 8.2%
                
Humacyte, Inc. (a)
    
54,354
      
178,281
  
ModivCare, Inc. (a)
    
2,600
      
113,724
  
TransMedics Group, Inc. (a)(d)
    
1,600
      
149,088
  
             
441,093
  
Industrial Products — 5.2%
                
Blue Bird Corp. (a)
    
7,200
      
150,768
  
Chart Industries, Inc. (a)
    
704
      
128,241
  
             
279,009
  
Industrial Services — 4.6%
                
Rollins, Inc. (d)
    
3,163
      
129,145
  
Sterling Infrastructure, Inc. (a)
    
1,900
      
113,981
  
             
243,126
  
Insurance — 2.5%
                
Tokio Marine Holdings, Inc. - ADR (a)(b)(d)
    
5,896
      
135,726
  
                 
Materials — 8.1%
                
Agnico Eagle Mines, Ltd. (b)(d)
    
2,846
      
149,159
  
B2Gold Corp. (b)(d)
    
40,130
      
140,054
  
Kinross Gold Corp. (b)(d)
    
29,200
      
145,416
  
             
434,629
  
Media — 2.8%
                
MakeMyTrip, Ltd. (a)(b)
    
5,250
      
151,043
  
                 
Oil & Gas — 12.8%
                
Chesapeake Energy Corp. (d)
    
1,638
      
138,149
  
Helix Energy Solutions Group, Inc. (a)(d)
    
14,600
      
140,160
  
New Fortress Energy, Inc.
    
3,900
      
111,345
  
Pioneer Natural Resources Co. (d)
    
644
      
145,331
  
TechnipFMC PLC (a)(b)(d)
    
8,340
      
152,956
  
             
687,941
  
Retail & Wholesale - Discretionary — 7.1%
                
MercadoLibre, Inc. (a)
    
123
      
152,280
  
Natura & Co. Holding SA - ADR (a)(b)
    
16,620
      
127,309
  
The RealReal, Inc. (a)
    
37,515
      
102,791
  
             
382,380
  
Software & Technology Services — 8.9%
                
Planet Labs PBC (a)
    
40,200
      
149,544
  
SS&C Technologies Holdings, Inc. (d)
    
2,850
      
166,012
  
StoneCo, Ltd. -  Class A (a)(b)
    
11,150
      
161,564
  
             
477,120
  
Technology Hardware & Semiconductors — 2.7%
                
Aehr Test Systems (a)(d)
    
2,804
      
146,257
  
                 
Utilities — 9.0%
                
American Electric Power Co., Inc. (d)
    
1,900
      
161,006
  
Avista Corp. (d)
    
3,900
      
150,696
  
Hawaiian Electric Industries, Inc. (d)
    
4,500
      
172,755
  
             
484,457
  
TOTAL COMMON STOCKS (Cost $4,771,253)
            
5,352,005
  
                 
MONEY MARKET FUNDS — 8.4%
                
First American Government Obligations Fund - Class X, 5.14% (c)
    
449,128
      
449,128
  
TOTAL MONEY MARKET FUNDS (Cost $449,128)
            
449,128
  
                 
TOTAL INVESTMENTS (Cost $5,220,381) — 108.2%
            
5,801,133
  
Other assets and liabilities, net — (8.2)%
            
(437,536
)
NET ASSETS — 100.0%
          
$
5,363,597
  

Percentages are stated as a percent of net assets.
ADR
American Depositary Receipt
        
PLC
Public Limited Company
        
(a)
Non-income producing security.
        
(b)
Foreign issued security
        
(c)
The rate shown is the seven-day yield at period end.
        
(d)
All or a portion of the security has been pledged to cover short positions. As of July 31, 2023, the value of these securities amounts to $1,839,712 or 34.3% of net assets.
Clough Long/Short Equity ETF
  
Schedule of Securities Sold Short
  
July 31, 2023 (Unaudited)
  
   
Shares
    
Value
  
COMMON STOCKS — (33.8)%
            
Consumer Discretionary Products — (5.5)%
            
Deckers Outdoor Corp. (a)
    
100
    
$
54,369
  
On Holding AG - Class A (a)(b)
    
1,500
      
54,000
  
Tesla, Inc. (a)
    
450
      
120,344
  
Under Armour, Inc. - Class A (a)
    
8,000
      
64,480
  
             
293,193
  
Consumer Discretionary Services — (3.0)%
                
Chipotle Mexican Grill, Inc. (a)
    
25
      
49,057
  
Marriott International, Inc. - Class A
    
400
      
80,724
  
Sweetgreen, Inc. - Class A (a)
    
2,000
      
30,140
  
             
159,921
  
Consumer Staple Products — (1.6)%
                
Helen of Troy, Ltd. (a)(b)
    
600
      
84,780
  
                 
Financial Services — (5.6)%
                
Apollo Global Management, Inc.
    
500
      
40,855
  
Blackstone, Inc.
    
500
      
52,395
  
Discover Financial Services
    
800
      
84,440
  
KKR & Co., Inc.
    
700
      
41,566
  
The Charles Schwab Corp.
    
1,200
      
79,320
  
             
298,576
  
Industrial Services — (0.9)%
                
SiteOne Landscape Supply, Inc. (a)
    
300
      
51,000
  
                 
Retail & Wholesale - Discretionary — (11.5)%
                
Amazon.com, Inc. (a)
    
500
      
66,840
  
Best Buy Co., Inc.
    
700
      
58,135
  
Figs, Inc. - Class A (a)
    
9,000
      
66,240
  
Lowe's Cos., Inc.
    
270
      
63,253
  
Lululemon Athletica, Inc. (a)
    
190
      
71,921
  
MarineMax, Inc. (a)
    
2,000
      
80,660
  
OneWater Marine, Inc. (a)
    
1,600
      
60,240
  
Sally Beauty Holdings, Inc. (a)
    
6,000
      
71,820
  
Williams-Sonoma, Inc.
    
550
      
76,252
  
             
615,361
  
Software & Technology Services — (3.3)%
                
International Business Machines Corp.
    
620
      
89,392
  
PTC, Inc. (a)
    
600
      
87,486
  
             
176,878
  
Technology Hardware & Semiconductors — (2.4)%
                
NVIDIA Corp.
    
280
      
130,841
  
Total Common Stocks (Proceeds $1,698,849)
            
1,810,550
  
                 
Real Estate Investments Trusts (REITs) — (6.1)%
                
Digital Realty Trust, Inc.
    
600
      
74,772
  
Empire State Realty Trust, Inc.
    
6,400
      
57,280
  
Medical Properties Trust, Inc.
    
7,200
      
72,648
  
Rexford Industrial Realty, Inc.
    
1,200
      
66,108
  
Starwood Property Trust, Inc.
    
2,900
      
60,146
  
Total REITS (Proceeds $292,425)
            
330,954
  
Total Securities Sold Short (Proceeds $1,991,274) — (39.9)%
            
2,141,504
  

Percentages are stated as a percent of net assets.
          
(a) Non-income producing security.
          
(b) Foreign issued security.
          
Fair Value Measurements
              
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels.
    
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 and credit risk). Level 3 includes significant
    
unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the
    
securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
      
                 
The Fund did not hold any investments during the period with significant unobservable inputs which would be classified as Level 3.
    
                 
The following is a summary of the inputs used to value the Fund’s investments carried at fair value as of July 31, 2023:
    

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments - Assets:
                        
Common Stocks*
  
$
5,352,005
    
$
-
    
$
-
    
$
5,352,005
  
Money Market Funds
    
449,128
      
-
      
-
      
449,128
  
Total Investments - Assets
  
$
5,801,133
    
$
-
    
$
-
    
$
5,801,133
  
                                 
Securities Sold Short - Liabilities:
                                
Common Stocks*
  
$
1,810,550
    
$
-
    
$
-
    
$
1,810,550
  
REITs
    
330,954
      
-
      
-
      
330,954
  
Total Securities Sold Short - Liabilities
  
$
2,141,504
    
$
-
    
$
-
    
$
2,141,504
  
                                 
* See the Schedules of Investments and Securities Sold Short for industry classifications.