NPORT-EX 2 upar.htm UPAR ETF - 3/31/23 PART F

UPAR ULTRA RISK PARITY ETF
     
SCHEDULE OF INVESTMENTS at March 31, 2023 (Unaudited)
           
 
  
Shares
    
Value
Common Stocks - 19.8%
          
Biotechnology - 0.4%
          
Corteva, Inc.
    
4,944
    
$
298,173
               
Building Materials - 0.1%
              
Geberit AG
    
116
      
64,657
               
Chemicals - 1.5%
              
CF Industries Holdings, Inc.
    
1,290
      
93,512
Ecolab, Inc.
    
951
      
157,419
FMC Corp.
    
883
      
107,841
K+S AG
    
1,535
      
32,679
The Mosaic Co.
    
2,274
      
104,331
Nutrien Ltd.
    
3,363
      
248,022
OCI N.V.
    
1,317
      
44,728
PhosAgro PJSC - GDR (1)
    
1,126
      
0
Sociedad Quimica y Minera de Chile S.A. - ADR
    
1,785
      
144,692
Yara International ASA
    
1,748
      
75,758
             
1,008,982
Distribution & Wholesale - 0.1%
              
Ferguson PLC
    
677
      
89,148
               
Electronics - 0.1%
              
Halma PLC
    
1,373
      
37,840
               
Energy - Alternate Sources - 1.0%
              
Enphase Energy, Inc. (2)
    
675
      
141,939
First Solar, Inc. (2)
    
598
      
130,065
Ming Yang Smart Energy Group Ltd. - GDR (2)
    
17
      
276
Plug Power, Inc. (2)
    
4,300
      
50,396
SolarEdge Technologies, Inc. (2)
    
313
      
95,137
Vestas Wind Systems A/S
    
6,269
      
181,947
Xinyi Solar Holdings Ltd.
    
48,802
      
58,501
             
658,261
Food - 0.2%
              
Mowi ASA
    
3,695
      
68,233
Salmar ASA
    
795
      
34,599
             
102,832
Iron & Steel - 1.1%
              
Fortescue Metals Group Ltd.
    
18,549
      
279,399
Mineral Resources Ltd.
    
1,134
      
61,208
Vale S.A. - ADR
    
26,041
      
410,927
             
751,534
Machinery - Diversified - 2.2%
              
AGCO Corp.
    
440
      
59,488
CNH Industrial NV - Class A
    
9,431
      
144,011
Deere & Co.
    
2,131
      
879,847
Husqvarna AB
    
3,790
      
32,836
IDEX Corp.
    
252
      
58,220
Kubota Corp.
    
8,174
      
122,773
The Toro Co.
    
762
      
84,704
Xylem, Inc.
    
617
      
64,600
             
1,446,479
Mining - 5.9%
              
Allkem Ltd. (2)
    
3,795
      
30,195
Anglo American PLC
    
7,171
      
237,446
Antofagasta PLC
    
5,791
      
113,204
BHP Group Ltd. - ADR
    
14,874
      
943,160
Boliden AB
    
1,725
      
67,839
Cameco Corp.
    
2,378
      
62,185
China Molybdenum Co. Ltd. - Class H (2)
    
171,993
      
104,073
First Quantum Minerals Ltd.
    
3,797
      
87,171
Freeport-McMoRan, Inc.
    
8,022
      
328,180
Glencore PLC
    
71,100
      
408,436
IGO Ltd.
    
4,568
      
39,069
Ivanhoe Mines Ltd. (2)
    
6,135
      
55,350
Jiangxi Copper Co. Ltd. - H Shares
    
27,964
      
47,379
Lundin Mining Corp.
    
4,858
      
32,953
MMC Norilsk Nickel PJSC - ADR (1)
    
3,990
      
0
MP Materials Corp. (2)
    
1,155
      
32,559
NAC Kazatomprom JSC - GDR
    
1,820
      
53,690
OZ Minerals Ltd.
    
2,085
      
39,254
Pilbara Minerals Ltd.
    
20,289
      
53,539
Rio Tinto PLC - ADR
    
9,532
      
653,895
South32 Ltd.
    
29,807
      
87,240
Southern Copper Corp.
    
4,021
      
306,601
Sumitomo Metal Mining Co. Ltd.
    
1,892
      
71,776
Teck Resources Ltd. - Class B
    
2,678
      
97,653
             
3,952,847
Oil & Gas - 6.9%
              
Aker BP ASA
    
1,444
      
35,338
APA Corp.
    
535
      
19,292
BP PLC - ADR
    
6,494
      
246,382
Canadian Natural Resources Ltd.
    
2,126
      
117,489
Cenovus Energy, Inc.
    
4,270
      
74,398
Chevron Corp.
    
4,019
      
655,740
ConocoPhillips
    
2,798
      
277,590
Coterra Energy, Inc.
    
1,563
      
38,356
Devon Energy Corp.
    
1,367
      
69,184
Diamondback Energy, Inc.
    
429
      
57,988
Ecopetrol S.A. - ADR
    
3,501
      
36,970
Eni S.p.A - ADR
    
4,101
      
114,828
EOG Resources, Inc.
    
1,141
      
130,793
EQT Corp.
    
819
      
26,134
Equinor ASA - ADR
    
6,813
      
193,694
Exxon Mobil Corp.
    
8,932
      
979,483
Gazprom PJSC - ADR (1)
    
11,925
      
0
Hess Corp.
    
610
      
80,727
Imperial Oil Ltd.
    
1,352
      
68,661
Inpex Corp.
    
3,048
      
31,994
LUKOIL PJSC - ADR (1)
    
818
      
0
Marathon Oil Corp.
    
1,362
      
32,633
Novatek PJSC - GDR (1)
    
329
      
0
Occidental Petroleum Corp.
    
1,817
      
113,435
OMV AG
    
627
      
28,788
Pioneer Natural Resources Co.
    
570
      
116,417
Repsol S.A.
    
3,326
      
51,258
Rosneft Oil Co PJSC - GDR (1)
    
10,479
      
0
Santos Ltd. - ADR
    
7,820
      
35,816
Shell PLC - ADR
    
7,382
      
424,760
Suncor Energy, Inc.
    
3,065
      
95,029
Total S.A. - ADR
    
5,452
      
321,941
Tourmaline Oil Corp.
    
587
      
24,428
Woodside Energy Group Ltd.
    
4,242
      
94,722
             
4,594,268
Water - 0.3%
              
American Water Works Co., Inc.
    
635
      
93,021
Essential Utilities, Inc.
    
962
      
41,991
Veolia Environnement S.A.
    
2,655
      
81,921
             
216,933
Total Common Stocks
              
(Cost $14,459,446)
            
13,221,954
               
Exchange Traded Funds - 24.9%
              
SPDR Gold MiniShares Trust (2)
    
246,893
      
9,655,985
Vanguard FTSE Developed Markets ETF
    
36,192
      
1,634,793
Vanguard FTSE Emerging Markets ETF
    
81,024
      
3,273,369
Vanguard Extended Market ETF
    
15,338
      
2,150,388
Total Exchange Traded Funds
              
(Cost $16,053,544)
            
16,714,535
               
 
  
Principal Amount
        
United States Treasury Obligations - 48.1%
              
United States Treasury Inflation Indexed Bonds - 48.1%
              
2.125%, 2/15/2040
  
$
589,648
      
651,557
2.125%, 2/15/2041
    
3,039,639
      
3,357,613
0.750%, 2/15/2042
    
3,744,244
      
3,272,213
0.625%, 2/15/2043
    
4,145,751
      
3,503,589
1.375%, 2/15/2044
    
3,930,598
      
3,812,911
0.750%, 2/15/2045
    
4,273,827
      
3,643,920
1.000%, 2/15/2046
    
3,380,034
      
3,026,648
0.875%, 2/15/2047
    
3,346,245
      
2,899,279
1.000%, 2/15/2048
    
3,342,366
      
2,977,087
1.000%, 2/15/2049
    
2,130,509
      
1,894,519
0.250%, 2/15/2050
    
2,078,297
      
1,509,901
0.125%, 2/15/2051
    
1,066,365
      
740,201
0.125%, 2/15/2052
    
1,250,951
      
870,041
1.500%, 2/15/2053
    
100,645
      
102,084
Total United States Treasury Obligations
              
(Cost $31,212,596)
            
32,261,563
               
 
  
Shares
        
Short-Term Investments - 2.1%
              
Money Market Funds - 2.1%
              
First American Government Obligations Fund, Class X, 4.650% (3)
    
1,378,806
      
1,378,806
Total Short-Term Investments
              
(Cost $1,378,806)
            
1,378,806
               
Total Investments in Securities - 94.9%
              
(Cost $63,104,392)
            
63,576,858
Other Assets in Excess of Liabilities - 5.1%
            
3,450,353
Total Net Assets - 100.0%
          
$
67,027,211

 
ADR 
American Depositary Receipt
      
 
GDR 
Global Depositary Receipt
      
 
(1) 
The Level 3 securities (Common Stocks) are fair valued at $0 due to a halt in trading of Russian securities as a result of the ongoing Ukrainian/Russian conflict and the Russian markets being currently uninvestible.
 
(2) 
Non-income producing security.
      
 
(3) 
The rate shown is the annualized seven-day effective yield as of March 31, 2023.
    

 
SCHEDULE OF FUTURES CONTRACTS at March 31, 2023 (Unaudited)
      
       
The UPAR Ultra Risk Parity ETF (the “Fund”) had the following futures contracts outstanding with PhillipCapital Inc.
      
       
               
Unrealized
      
   
Number of
    
Notional
    
Appreciation
    
Notional
Long Futures Contracts Outstanding
  
Contracts
    
Amount
    
(Depreciation)
    
Value
CME Group E-Mini S&P 500 Index Future (6/16/2023)
    
447
    
$
8,715,263
    
$
532,608
    
$
9,247,871
MSCI Emerging Markets Index Future (6/16/2023)
    
72
      
3,454,398
      
129,402
      
3,583,800
MSCI EAFE Index Future (6/16/2023)
    
28
      
2,809,256
      
125,844
      
2,935,100
10-Year U.S. Treasury Note Future (6/21/2023)
    
140
      
15,636,922
      
452,141
      
16,089,063
Ultra Long-Term U.S. Treasury Bond Future (6/21/2023)
    
116
      
15,693,020
      
677,480
      
16,370,500
           
$
46,308,859
    
$
1,917,475
    
$
48,226,334

 
Summary of Fair Value Exposure at March 31, 2023 (Unaudited)
               
The UPAR Ultra Risk Parity ETF (the “Fund”) utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
 
 
 
 
 
 
    
• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
• Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data.
• Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
 
 
 
 
 
    
The following is a summary of the inputs used to value the Fund’s investments and other financial instruments as of March 31, 2023:

Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
Common Stocks (1)
  
$
13,221,954
    
$
–
    
$
0
(2) 
  
$
13,221,954
Exchange Traded Funds
    
16,714,535
      
-
      
-
      
16,714,535
United States Treasury Obligations (3)
    
-
      
32,261,563
      
-
      
32,261,563
Short-Term Investments
    
1,378,806
      
-
      
-
      
1,378,806
Total Investments in Securities
  
$
31,315,295
    
$
32,261,563
    
$
0
    
$
63,576,858
 
                              
Other Financial Instruments (4)
                              
Futures Contracts
  
$
1,917,475
    
$
-
    
$
-
    
$
1,917,475
                               
   
Common Stocks (2)
                        
Balance as of December 31, 2022
  
$
0
                        
Accrued discounts/premiums
    
-
                        
Realized gain (loss)
    
-
                        
Change in unrealized appreciation/depreciation
    
-
                        
Purchases
    
-
                        
Sales
    
-
                        
Transfer into and/or out of Level 3
    
-
                        
Balance as of March 31, 2023
  
$
0
                        
                               
Change in unrealized appreciation/depreciation during the period for Level 3 investments held at March 31, 2023:
  
$
0
                        
                               
(1) See Schedule of Investments for the industry breakout.
(2) The Level 3 securities (Common Stocks) are fair valued at $0 due to a halt in trading of Russian securities as a result of the ongoing Ukrainian/Russian conflict and the Russian markets being currently uninvestible.
(3) See Schedule of Investments for the security type breakout.
(4) Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are presented at the unrealized appreciation/depreciation on the investment.