NPORT-EX 2 merk3.htm
Merk Stagflation ETF
  
Consolidated Schedule of Investments
  
July 31, 2023 (Unaudited)
        
             
   
Shares
    
Value
  
EXCHANGE TRADED PRODUCTS - 100.0%
        
Finance and Insurance - 100.0%
            
Invesco DB Oil Fund
    
8,467
    
$
136,827
  
Schwab U.S. TIPS ETF (b)
    
14,283
      
746,001
  
VanEck Merk Gold Trust (a)(c)
    
6,642
      
126,331
  
Vanguard Real Estate ETF
    
1,414
      
120,557
  
TOTAL EXCHANGE TRADED PRODUCTS (Cost $1,186,981)
            
1,129,716
  
                 
SHORT-TERM INVESTMENTS - 0.0% (f)
                
Money Market Funds - 0.0% (f)
          
First American Treasury Obligations Fund - Class X, 5.17% (e)
    
76
      
76
  
TOTAL SHORT-TERM INVESTMENTS (Cost $76)
      
76
  
                 
Total Investments (Cost $1,187,057) - 100.0%
            
1,129,792
  
Liabilities in Excess of Other Assets - (0.0)% (f)
            
(193
)
TOTAL NET ASSETS - 100.0%
          
$
1,129,599
  

Percentages are stated as a percent of net assets.
                 
(a) Non-income producing security.
              
(b) 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.
    
(c) All or a portion of this security is held by Merk Stagflation ETF (Cayman).
            
(d) Affiliated security. Please refer to the table below.
              
(e) The rate shown is the annualized seven-day yield at period end.
              
(f) Amount is less than 0.05%.
              
The Fund owned the following company during the period ended July 31, 2023. OUNZ is deemed to be an affiliate of the Fund as defined by the 1940 Act
      
as of the period ended July 31, 2023. Transactions during the period in this security was as follows:
                    

Security Name
  
Value at
May 1, 2023
    
Purchases
    
Sales
    
Realized Gain
(Loss)
    
Change in
Unrealized Appreciation (Depreciation)
    
Dividend
Income
    
Value at
July 31, 2023
    
Ending
Shares
  
OUNZ
  
$
166,078
    
$
17,871
    
$
(56,122
)
  
$
5,113
    
$
(6,609
)
  
$
-
    
$
126,331
      
6,642
  
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:
                        
Exchange Traded Products
  
$
1,129,716
    
$
-
    
$
-
    
$
1,129,716
  
Money Market Funds
    
76
      
-
      
-
      
76
  
Total Investments - Assets
  
$
1,129,792
    
$
-
    
$
-
    
$
1,129,792