NPORT-EX 2 cbse.htm

Clough Select Equity ETF
Schedule of Investments
January 31, 2024 (Unaudited)

COMMON STOCKS - 98.8%
  
Shares
    
Value
Banking - 5.6%
    
ICICI Bank, Ltd. - ADR
  
12,238
   $
 298,607
NU Holdings, Ltd. - Class A(a)
  
34,180
    
   294,290
Total Banking
        
   592,897
             
Consumer Discretionary Products - 2.9%
    
Skyline Champion Corp.(a)
  
4,429
    
   303,298
Total Consumer Discretionary Products
        
                     303,298
             
Consumer Discretionary Services - 16.2%
    
Arcos Dorados Holdings, Inc. - Class A
  
23,190
    
   287,092
Bowlero Corp. – Class A(a)
  
24,328
    
   262,986
Carnival Corp.(a)
  
12,600
    
   208,908
DraftKings, Inc. - Class A(a)
  
8,650
    
   337,782
OneSpaWorld Holdings, Ltd.(a)
  
23,876
    
   325,430
Service Corp. International
  
4,074
    
   273,447
Total Consumer Discretionary Services
        
   1,695,645
             
Health Care - 15.7%
    
Eli Lilly & Co.
  
366
    
   236,293
Humacyte, Inc.(a)
  
107,081
    
   355,508
Merck & Co., Inc.
  
1,949
    
   235,400
Progyny, Inc.(a)
  
5,452
    
   207,667
Roivant Sciences, Ltd.(a)
  
25,932
    
   259,320
TransMedics Group, Inc.(a)
  
3,882
    
   332,959
Total Health Care
        
   1,627,147
             
Industrial Products - 7.3%
    
Blue Bird Corp.(a)
  
10,673
    
   310,905
Northrop Grumman Corp.
  
528
    
   235,889
RTX Corp.
  
2,310
    
   210,487
Total Industrial Products
        
   757,281
             
Industrial Services - 7.9%
    
Ferguson PLC
  
1,193
    
   224,117
Rollins, Inc.
  
7,165
    
   310,316
Sterling Infrastructure, Inc.(a)
  
3,716
    
   279,072
Total Industrial Services
        
   813,505
             
Materials - 4.4%
    
Ecolab, Inc.
  
1,185
    
   234,891
Vale SA - ADR
  
15,668
    
   214,495
Total Materials
        
   449,386
             
Media - 3.7%
    
MakeMyTrip, Ltd.(a)
  
6,908
    
   382,634
Total Media
        
                     382,634
             
Oil & Gas - 7.7%
    
Chesapeake Energy Corp.
  
3,710
    
   286,078
Select Water Solutions, Inc.
  
29,876
    
   232,136
TechnipFMC PLC
  
14,290
    
   276,368
Total Oil & Gas
        
   794,582
             
Real Estate - 2.7%
    
Redfin Corp.(a)
  
34,322
    
   280,068
Total Real Estate
        
                     280,068
             
Software & Technology Services - 5.3%
    
ICF International, Inc.
  
2,184
    
   303,663
SS&C Technologies Holdings, Inc.
  
4,098
    
   250,060
Total Software & Technology Services
        
   553,723
             
Technology Hardware & Semiconductors - 11.9%
    
ASML Holding NV
  
390
    
   339,230
Broadcom, Inc.
  
263
    
   310,340
Lam Research Corp.
  
383
    
   316,040
Micron Technology, Inc.
  
3,170
    
   271,828
Total Technology Hardware & Semiconductors
        
   1,237,438
             
Telecommunications - 2.7%
    
Verizon Communications, Inc.
  
6,576
    
   278,494
Total Telecommunications
        
                     278,494
             
Utilities - 4.8%
    
American Electric Power Co., Inc.
  
3,448
    
   269,427
Avista Corp.
  
6,892
    
   234,397
Total Utilities
        
   503,824
TOTAL COMMON STOCKS (Cost $9,450,665)
    
   10,269,922
             
SHORT-TERM INVESTMENTS - 2.8%
          
Money Market Funds - 2.8%
        
 
First American Treasury Obligations Fund - Class X, 5.25%(b)
  
294,453
    
   294,453
TOTAL SHORT-TERM INVESTMENTS (Cost $294,453)
    
   294,453
             
TOTAL INVESTMENTS - 101.6% (Cost $9,745,118)
   $
 10,564,375
Liabilities in Excess of Other Assets - (1.6)%
    
(162,179)
TOTAL NET ASSETS - 100.0%
    
 
   $
 10,402,196

Percentages are stated as a percent of net assets.
  

ADR - American Depositary Receipt
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
The rate shown represents the seven-day effective yield as of January 31, 2024.
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 January 31, 2024:

Clough Select Equity ETF
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Common Stocks
  
$
10,269,922
    
$
–
    
$
–
    
$
10,269,922
  
  Money Market Funds
    
294,453
      
–
      
–
      
294,453
  
Total Assets
  
$
10,564,375
    
$
–
    
$
–
    
$
10,564,375
  
                                 
   
Refer to the Schedule of Investments for industry classifications.