NPORT-EX 2 cbls.htm
Clough Hedged Equity ETF
Schedule of Investments
January 31, 2024 (Unaudited)

COMMON STOCKS - 98.5%
  
Shares
    
Value
Banking - 4.6%
    
ICICI Bank, Ltd. - ADR
  
8,003
   $
 195,274
NU Holdings, Ltd. - Class A (a)(b)
  
20,317
    
   174,929
Total Banking
        
   370,203
             
Consumer Discretionary Products - 2.1%
    
Skyline Champion Corp. (a)(b)
  
2,689
    
   184,143
Total Consumer Discretionary Products
        
                     184,143
             
Consumer Discretionary Services - 13.2%
    
Arcos Dorados Holdings, Inc. - Class A (a)
  
14,041
    
   173,828
Bowlero Corp. – Class A (a)(b)
  
13,240
    
   143,124
Carnival Corp. (a)(b)
  
10,700
    
   177,406
DraftKings, Inc. - Class A (a)(b)
  
5,260
    
   205,403
OneSpaWorld Holdings, Ltd. (a)(b)
  
14,064
    
   191,692
Service Corp. International (a)
  
2,908
    
   195,185
Total Consumer Discretionary Services
        
   1,086,638
             
Health Care - 11.7%
    
Dexcom, Inc. (a)(b)
  
1,561
    
   189,427
Eli Lilly & Co. (a)
  
314
    
   202,722
Humacyte, Inc. (a)(b)
  
60,140
    
   199,665
Merck & Co., Inc.(a)
  
1,673
    
   202,065
TransMedics Group, Inc. (a)(b)
  
2,024
    
   173,598
Total Health Care
        
   967,477
             
Industrial Products - 8.8%
    
Blue Bird Corp. (a)(b)
  
6,372
    
   185,616
General Dynamics Corp.(a)
  
771
    
   204,308
Northrop Grumman Corp.(a)
  
367
    
   163,961
RTX Corp. (a)
  
1,810
    
   164,927
Total Industrial Products
        
   718,812
             
Industrial Services - 6.5%
    
Ferguson PLC (a)
  
978
    
   183,727
Rollins, Inc. (a)
  
4,270
    
   184,934
Sterling Infrastructure, Inc. (a)(b)
  
2,234
    
   167,773
Total Industrial Services
        
   536,434
             
Materials - 10.3%
    
Agnico Eagle Mines, Ltd. (a)
  
3,291
    
   161,786
Ecolab, Inc. (a)
  
810
    
   160,558
Freeport-McMoRan, Inc. (a)
  
4,899
    
   194,441
Kinross Gold Corp.
  
29,398
    
   161,983
Vale SA – ADR (a)
  
11,860
    
   162,363
Total Materials
        
   841,131
             
Media - 2.6%
    
MakeMyTrip, Ltd. (a)(b)
  
3,862
    
   213,916
Total Media
        
                   213,916
             
Oil & Gas - 8.1%
    
Chesapeake Energy Corp. (a)
  
2,180
    
   168,100
Diamondback Energy, Inc. (a)
  
1,058
    
   162,657
Select Water Solutions, Inc. (a)
  
21,846
    
   169,743
TechnipFMC PLC (a)
  
8,396
    
   162,379
Total Oil & Gas
        
   662,879
             
Software & Technology Services - 9.2%
    
ICF International, Inc. (a)
  
1,444
    
   200,774
Microsoft Corp. (a)
  
502
    
   199,585
ServiceNow, Inc.(b)
  
250
    
   191,350
SS&C Technologies Holdings, Inc. (a)
  
2,558
    
   156,089
Total Software & Technology Services
        
   747,798
             
Technology Hardware & Semiconductors - 14.8%
    
ASML Holding NV – ADR (a)
  
330
    
   287,041
Broadcom, Inc. (a)
  
196
    
   231,280
Lam Research Corp. (a)
  
285
    
   235,173
Micron Technology, Inc. (a)
  
2,600
    
   222,950
NVIDIA Corp. (a)
  
391
    
   240,571
Total Technology Hardware & Semiconductors
        
   1,217,015
             
Telecommunications - 2.1%
    
Verizon Communications, Inc. (a)
  
4,000
    
   169,400
Total Telecommunications
        
                     169,400
             
Utilities - 4.5%
    
American Electric Power Co., Inc. (a)
  
2,455
    
   191,834
Avista Corp. (a)
  
5,228
    
   177,804
Total Utilities
        
   369,638
TOTAL COMMON STOCKS (Cost $7,104,994)
    
   8,085,484
             
SHORT-TERM INVESTMENTS - 1.6%
          
Money Market Funds - 1.6%
        
 
First American Treasury Obligations Fund - Class X, 5.25% (c)
  
127,280
    
   127,280
TOTAL SHORT-TERM INVESTMENTS (Cost $127,280)
    
   127,280
             
TOTAL INVESTMENTS - 100.1% (Cost $7,232,274)
   $
 8,212,764
Liabilities in Excess of Other Assets - (0.1)%
    
(21,912)
TOTAL NET ASSETS - 100.0%
    
 
   $
 8,190,852
     

Percentages are stated as a percent of net assets.
  

ADR - American Depositary Receipt
PLC - Public Limited Company

(a)
All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of January 31, 2024 is $5,825,350 or 71% of net assets.
(b)
Non-income producing security.
(c)
The rate shown represents the seven-day effective yield as of January 31, 2024.
Clough Hedged Equity ETF
    
Schedule of Securities Sold Short
    
January 31, 2024 (Unaudited)
    
         
COMMON STOCKS - (30.1)%
  
Shares
    
Value
Banking - (1.4)%
    
Deutsche Bank AG
  
(8,700)
   $
 (111,795)
Total Banking
        
                (111,795)
           
Consumer Discretionary Products - (6.2)%
    
Brunswick Corp.
  
(923)
    
   (74,467)
Carter's, Inc.
  
(1,280)
    
   (96,819)
Ford Motor Co.
  
(9,108)
    
   (106,746)
General Motors Co.
  
(2,200)
    
   (85,360)
Harley-Davidson, Inc.
  
(2,131)
    
   (69,151)
YETI Holdings, Inc.(a)
  
(1,938)
    
   (85,214)
Total Consumer Discretionary Products
        
   (517,757)
           
Consumer Discretionary Services - (1.2)%
    
Choice Hotels International, Inc.
  
(840)
    
   (101,741)
Total Consumer Discretionary Services
        
                (101,741)
           
Consumer Staple Products - (2.2)%
    
Energizer Holdings, Inc.
  
(2,580)
    
   (81,580)
Helen of Troy, Ltd.(a)
  
(893)
    
   (102,248)
Total Consumer Staple Products
        
   (183,828)
           
Financial Services - (1.0)%
    
Discover Financial Services
  
(792)
    
   (83,572)
Total Financial Services
        
                  (83,572)
           
Industrial Services - (1.4)%
    
American Airlines Group, Inc. (a)
  
(7,900)
    
   (112,417)
Total Industrial Services
        
                (112,417)
           
Materials - (2.2)%
    
Avery Dennison Corp.
  
(400)
    
   (79,780)
Ball Corp.
  
(1,780)
    
   (98,701)
Total Materials
        
   (178,481)
           
Renewable Energy - (1.9)%
    
Enphase Energy, Inc.(a)
  
(740)
    
   (77,056)
SolarEdge Technologies, Inc.(a)
  
(1,175)
    
   (78,138)
Total Renewable Energy
        
   (155,194)
           
Retail & Wholesale - Discretionary - (9.2)%
    
Asbury Automotive Group, Inc.(a)
  
(584)
    
   (122,091)
AutoNation, Inc.(a)
  
(882)
    
   (123,180)
Best Buy Co., Inc.
  
(1,363)
    
   (98,804)
Big 5 Sporting Goods Corp.
  
(15,512)
    
   (78,025)
Group 1 Automotive, Inc.
  
(226)
    
   (58,774)
Lithia Motors, Inc.
  
(325)
    
   (95,826)
Pool Corp.
  
(253)
    
   (93,926)
Tractor Supply Co.
  
(370)
    
   (83,102)
Total Retail & Wholesale - Discretionary
        
   (753,728)
           
Retail & Wholesale - Staples - (1.4)%
    
Target Corp.
  
(841)
    
   (116,966)
Total Retail & Wholesale - Staples
        
                (116,966)
           
Software & Technology Services - (2.0)%
    
International Business Machines Corp.
  
(875)
    
   (160,703)
Total Software & Technology Services
        
                (160,703)
TOTAL COMMON STOCKS (Proceeds $2,435,411)
    
 (2,476,182)

REAL ESTATE INVESTMENT TRUSTS – (1.9)%
        
Real Estate – (1.9)%
Boston Properties, Inc.
  
(1,268)
  
   (84,322)
Medical Properties Trust, Inc.
  
(24,153)
  
   (74,874)
Total Real Estate
      
   (159,196)
TOTAL REAL ESTATE INVESTMENT TRUSTS (Proceeds $208,112)
      
                (159,196)
TOTAL SECURITIES SOLD SHORT - (32.0)% (Proceeds $2,643,523)
        (2,635,378)

(a)
  
Non-income producing security.
  
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 Hedged Equity ETF
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Common Stocks
  
$
8,085,484
    
$
–
    
$
–
    
$
8,085,484
  
  Money Market Funds
    
127,280
      
–
      
–
      
127,280
  
Total Assets
  
$
8,212,764
    
$
–
    
$
–
    
$
8,212,764
  
                                 
Liabilities:
                                
  Common Stocks
    
(2,476,182
)
    
–
      
–
      
(2,476,182
)
  Real Estate Investment Trusts
    
(159,196
)
    
–
      
–
      
(159,196
)
Total Liabilities
  
$
(2,635,378
)
  
$
–
    
$
–
    
$
(2,635,378
)
                                 
   
Refer to the Schedule of Investments for industry classifications.