Quality Preferred ETF - Schedule of Investments | ||
MAY 31, 2023 (UNAUDITED) |
Shares/Principal Amount ($) | Value ($) | |||||||
PREFERRED STOCKS — 78.6% | ||||||||
Automobiles — 1.9% | ||||||||
Ford Motor Co., 6.00% | 9,906 | 236,258 | ||||||
Ford Motor Co., 6.20%(1) | 6,443 | 159,787 | ||||||
General Motors Financial Co., Inc., Series C, 5.70%(1) | 251,000 | 220,558 | ||||||
616,603 | ||||||||
Banks — 20.6% | ||||||||
Bank of America Corp., 5.875% | 403,000 | 367,234 | ||||||
Bank of America Corp., 5.875%(1) | 6,062 | 147,852 | ||||||
Bank of America Corp., 6.00% | 11,465 | 282,956 | ||||||
Bank of America Corp., 6.125% | 255,000 | 249,454 | ||||||
Bank of America Corp., 6.25% | 336,000 | 330,624 | ||||||
Citigroup, Inc., 6.30% | 741,000 | 702,950 | ||||||
Citigroup, Inc., 6.875% | 8,779 | 220,528 | ||||||
Citizens Financial Group, Inc., 6.35% | 11,461 | 248,704 | ||||||
Fifth Third Bancorp, 6.00% | 6,247 | 148,179 | ||||||
First Citizens BancShares, Inc., 5.375% | 3,915 | 77,556 | ||||||
JPMorgan Chase & Co., 5.75% | 9,318 | 230,155 | ||||||
JPMorgan Chase & Co., 6.00% | 464,000 | 462,654 | ||||||
JPMorgan Chase & Co., Series GG, 4.75% | 8,028 | 175,091 | ||||||
JPMorgan Chase & Co., Series JJ, 4.55%(1) | 8,404 | 172,366 | ||||||
JPMorgan Chase & Co., Series LL, 4.625% | 8,365 | 173,574 | ||||||
JPMorgan Chase & Co., Series MM, 4.20%(1) | 8,893 | 175,459 | ||||||
Old National Bancorp, 7.00% | 5,816 | 130,395 | ||||||
PNC Financial Services Group, Inc., 6.20% | 410,000 | 380,019 | ||||||
Regions Financial Corp., 5.70% | 5,416 | 107,237 | ||||||
Truist Financial Corp., 4.80% | 231,000 | 193,462 | ||||||
USB Capital IX, 6.28% | 249,000 | 179,259 | ||||||
Wells Fargo & Co., 5.85% | 27,545 | 682,290 | ||||||
Wells Fargo & Co., 5.90% | 682,000 | 674,327 | ||||||
6,512,325 | ||||||||
Capital Markets — 12.3% | ||||||||
Affiliated Managers Group, Inc., 4.20% | 6,315 | 104,324 | ||||||
Affiliated Managers Group, Inc., 5.875% | 20,671 | 463,030 | ||||||
Goldman Sachs Group, Inc., 6.27% | 7,441 | 155,889 | ||||||
Goldman Sachs Group, Inc., 6.375% | 9,001 | 219,984 | ||||||
Morgan Stanley, 6.375% | 12,288 | 303,514 | ||||||
Morgan Stanley, Series A, 5.96% | 15,858 | 334,287 | ||||||
Morgan Stanley, Series P, 6.50%(1) | 5,542 | 144,757 | ||||||
Oaktree Capital Group LLC, 6.55% | 22,225 | 494,728 | ||||||
Oaktree Capital Group LLC, 6.625% | 21,971 | 480,286 | ||||||
State Street Corp., 5.625%(1) | 686,000 | 619,184 | ||||||
State Street Corp., 5.90%(1) | 18,847 | 465,898 | ||||||
Stifel Financial Corp., 6.25% | 4,837 | 114,540 | ||||||
3,900,421 | ||||||||
Consumer Finance — 0.6% | ||||||||
Capital One Financial Corp., 4.375% | 10,331 | 175,007 | ||||||
Diversified Telecommunication Services — 2.4% | ||||||||
AT&T, Inc., 5.00%(1) | 13,570 | 301,118 |
AT&T, Inc., 5.35% | 19,080 | 455,440 | ||||||
756,558 | ||||||||
Electric Utilities — 5.3% | ||||||||
Duke Energy Corp., 5.625% | 14,549 | 366,198 | ||||||
NextEra Energy Capital Holdings, Inc., 5.65% | 6,787 | 169,268 | ||||||
SCE Trust VI, 5.00% | 13,038 | 257,501 | ||||||
Southern Co., 4.20% | 41,449 | 872,501 | ||||||
1,665,468 | ||||||||
Financial Services — 3.0% | ||||||||
Apollo Asset Management, Inc., 6.375%(1) | 31,726 | 755,079 | ||||||
Equitable Holdings, Inc., 5.25% | 9,671 | 192,646 | ||||||
947,725 | ||||||||
Food Products — 0.9% | ||||||||
CHS, Inc., 6.75% | 5,764 | 145,541 | ||||||
CHS, Inc., 7.10% | 5,700 | 143,070 | ||||||
288,611 | ||||||||
Insurance — 14.0% | ||||||||
American Equity Investment Life Holding Co., 5.95% | 7,143 | 162,503 | ||||||
American Equity Investment Life Holding Co., 6.625% | 3,443 | 82,253 | ||||||
Arch Capital Group Ltd., 5.45% | 6,784 | 162,205 | ||||||
Aspen Insurance Holdings Ltd., 5.625% | 6,784 | 124,147 | ||||||
Athene Holding Ltd., 4.875% | 4,996 | 81,984 | ||||||
Athene Holding Ltd., 5.625% | 12,248 | 240,061 | ||||||
Athene Holding Ltd., 6.35% | 5,108 | 106,553 | ||||||
Athene Holding Ltd., 6.375% | 5,300 | 121,794 | ||||||
Axis Capital Holdings Ltd., 5.50% | 6,909 | 147,162 | ||||||
Brighthouse Financial, Inc., 5.375% | 7,500 | 124,125 | ||||||
Brighthouse Financial, Inc., 6.60% | 9,906 | 224,173 | ||||||
Enstar Group Ltd., 7.00% | 11,647 | 269,745 | ||||||
Hartford Financial Services Group, Inc., 6.00% | 18,840 | 467,232 | ||||||
MetLife, Inc., 5.625% | 30,976 | 743,734 | ||||||
MetLife, Inc., 5.87% | 3,632 | 81,647 | ||||||
Progressive Corp., 7.41% | 352,000 | 344,740 | ||||||
Prudential Financial, Inc., 4.125%(1) | 6,974 | 138,922 | ||||||
Prudential Financial, Inc., 5.95%(1) | 6,432 | 161,443 | ||||||
RenaissanceRe Holdings Ltd., 5.75% | 19,987 | 462,499 | ||||||
W R Berkley Corp., 5.10% | 3,881 | 83,830 | ||||||
W R Berkley Corp., 5.70% | 4,033 | 93,122 | ||||||
4,423,874 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) — 5.3% | ||||||||
AGNC Investment Corp., 6.125% | 13,455 | 275,020 | ||||||
AGNC Investment Corp., 6.50% | 12,828 | 282,473 | ||||||
Annaly Capital Management, Inc., 9.33% | 10,023 | 237,545 | ||||||
Chimera Investment Corp., 7.75% | 6,217 | 113,460 | ||||||
Chimera Investment Corp., 8.00% | 11,529 | 224,239 | ||||||
MFA Financial, Inc., 6.50% | 11,001 | 200,878 | ||||||
Rithm Capital Corp., 6.375% | 19,279 | 356,276 | ||||||
1,689,891 | ||||||||
Multi-Utilities — 5.3% | ||||||||
Algonquin Power & Utilities Corp., 6.20% | 4,975 | 119,798 | ||||||
Algonquin Power & Utilities Corp., 6.875% | 9,689 | 236,896 | ||||||
CMS Energy Corp., 5.875%(1) | 8,715 | 212,123 | ||||||
CMS Energy Corp., 5.875% | 6,164 | 149,292 | ||||||
Dominion Energy, Inc., Series C, 4.35% | 340,000 | 288,150 |
DTE Energy Co., 4.375% | 6,303 | 138,288 | ||||||
NiSource, Inc., 6.50% | 10,020 | 248,496 | ||||||
Sempra Energy, 4.875% | 297,000 | 281,312 | ||||||
1,674,355 | ||||||||
Real Estate Management and Development — 0.8% | ||||||||
Brookfield Property Partners LP, 5.75% | 19,328 | 242,180 | ||||||
Residential REITs — 0.5% | ||||||||
American Homes 4 Rent, Series G, 5.875% | 6,614 | 155,958 | ||||||
Retail REITs — 0.4% | ||||||||
Kimco Realty Corp., 5.25% | 5,884 | 134,920 | ||||||
Specialized REITs — 3.6% | ||||||||
Digital Realty Trust, Inc., 5.25%(1) | 4,839 | 102,974 | ||||||
Public Storage, 5.05%(1) | 6,110 | 148,717 | ||||||
Public Storage, 5.15%(1) | 9,352 | 229,405 | ||||||
Public Storage, Series L, 4.625% | 10,352 | 223,189 | ||||||
Public Storage, Series P, 4.00% | 11,863 | 225,278 | ||||||
Public Storage, Series R, 4.00% | 12,105 | 223,943 | ||||||
1,153,506 | ||||||||
Trading Companies and Distributors — 1.2% | ||||||||
Triton International Ltd., 6.875% | 10,260 | 231,876 | ||||||
WESCO International, Inc., 10.625% | 5,088 | 136,206 | ||||||
368,082 | ||||||||
Wireless Telecommunication Services — 0.5% | ||||||||
United States Cellular Corp., 6.25% | 10,257 | 167,292 | ||||||
TOTAL PREFERRED STOCKS (Cost $26,591,269) | 24,872,776 | |||||||
CORPORATE BONDS — 13.4% | ||||||||
Insurance — 9.2% | ||||||||
Allstate Corp., VRN, 5.75%, 8/15/53 | 493,000 | 481,291 | ||||||
Allstate Corp., VRN, 6.50%, 5/15/67 | 741,000 | 724,328 | ||||||
Nippon Life Insurance Co., VRN, 5.10%, 10/16/44(2) | 316,000 | 311,932 | ||||||
Prudential Financial, Inc., VRN, 6.00%, 9/1/52 | 961,000 | 940,026 | ||||||
Sumitomo Life Insurance Co., VRN, 6.50%, 9/20/73(2) | 459,000 | 457,431 | ||||||
2,915,008 | ||||||||
Multi-Utilities — 2.2% | ||||||||
CMS Energy Corp., VRN, 4.75%, 6/1/50 | 324,000 | 285,204 | ||||||
Dominion Energy, Inc., VRN, 5.75%, 10/1/54 | 449,000 | 429,918 | ||||||
715,122 | ||||||||
Oil, Gas and Consumable Fuels — 1.3% | ||||||||
Enbridge, Inc., VRN, 5.50%, 7/15/77 | 130,000 | 113,785 | ||||||
Transcanada Trust, VRN, 5.30%, 3/15/77 | 345,000 | 298,425 | ||||||
412,210 | ||||||||
Wireless Telecommunication Services — 0.7% | ||||||||
Vodafone Group plc, VRN, 4.125%, 6/4/81 | 276,000 | 219,841 | ||||||
TOTAL CORPORATE BONDS (Cost $4,262,520) | 4,262,181 | |||||||
SHORT-TERM INVESTMENTS — 10.7% | ||||||||
Money Market Funds — 10.7% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 2,240,789 | 2,240,789 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 1,131,693 | 1,131,693 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,372,482) | 3,372,482 | |||||||
TOTAL INVESTMENT SECURITIES — 102.7% (Cost $34,226,271) | 32,507,439 | |||||||
OTHER ASSETS AND LIABILITIES — (2.7)% | (856,056) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 31,651,383 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Preferred Stocks | $ | 19,578,849 | $ | 5,293,927 | — | ||||||
Corporate Bonds | — | 4,262,181 | — | ||||||||
Short-Term Investments | 3,372,482 | — | — | ||||||||
$ | 22,951,331 | $ | 9,556,108 | — |