A-Mark Precious Metals Inc

Noble Absolute Return ETF

SCHEDULE OF INVESTMENTS at May 31, 2023 (Unaudited)

	Shares		Value
Common Stocks - 1.3%
Distribution & Wholesale - 1.2%
A-Mark Precious Metals, Inc.		10,000	$	338,700

Food - 0.0% ⁽²⁾
The Kroger Co. ⁽⁴⁾		100		4,533

Insurance - 0.0% ⁽²⁾
Marsh & McLennan Company, Inc.		10		1,732

Pharmaceuticals - 0.0% ⁽²⁾
AmerisourceBergen Corp.		10		1,702
Merck & Co., Inc.		10		1,104
				2,806
Semiconductors - 0.1%
Broadcom, Inc.		10		8,079
KLA Corp.		10		4,430
ON Semiconductor Corp. ⁽¹⁾		10		836
				13,345
Total Common Stocks
(Cost $356,585)				361,116

Exchange Traded Funds - 33.1%
Invesco QQQ Trust Series 1		300		104,397
Invesco S&P 500 High Beta ETF		100		6,886
iShares Russell 1000 Value ETF		100		14,862
iShares Russell 2000 ETF		100		17,377
ProShares UltraPro QQQ		100		3,475
SPDR Bloomberg 1-3 Month T-Bill ETF ⁽⁴⁾		100,100		9,186,177
SPDR Gold Shares ⁽¹⁾		100		18,232
SPDR S&P Oil & Gas Exploration & Production ETF		100		11,809
SPDR S&P Metals & Mining ETF		100		4,452
SPDR S&P Regional Banking ETF		100		3,897
VanEck Gold Miners ETF		100		3,091
Total Exchange Traded Funds
(Cost $9,371,269)				9,374,655

Short-Term Investments - 85.1%
Money Market Funds - 85.1%
Federated Hermes Treasury Obligations Fund, Service Shares, 4.704% ⁽³⁾⁽⁴⁾		8,000,000		8,000,000
First American Government Obligations Fund, Class X, 4.968% ⁽³⁾		16,078,483		16,078,483
				24,078,483
Total Short-Term Investments
(Cost $24,078,483)				24,078,483

Total Investments in Securities - 119.5%
(Cost $33,806,337)				33,814,254
Liabilities in Excess of Other Assets - (19.5)%				(5,526,682	)
Total Net Assets - 100.0%			$	28,287,572

	⁽¹⁾	Non-income producing security.
	⁽²⁾	Does not round to 0.1% or (0.1)%, as applicable.
	⁽³⁾	The rate shown is the annualized seven-day effective yield as of May 31, 2023.
	⁽⁴⁾	All or a portion of the shares of this security have been committed as collateral for securities sold short.

Noble Absolute Return ETF

SCHEDULE OF SECURITIES SOLD SHORT at May 31, 2023 (Unaudited)

	Shares		Value
Common Stocks - 79.3%
Apparel - 0.0% ⁽²⁾
Canada Goose Holdings, Inc. ⁽¹⁾		100	$	1,590
VF Corp.		100		1,722
				3,312
Auto Manufacturers - 21.7%
Lucid Group, Inc. ⁽¹⁾		100		776
Tesla, Inc. ⁽¹⁾		30,100		6,138,293
				6,139,069
Biotechnology - 0.1%
Illumina, Inc. ⁽¹⁾		100		19,665

Building Materials - 0.0% ⁽²⁾
Trex Co., Inc. ⁽¹⁾		100		5,135

Chemicals - 0.0% ⁽²⁾
Daqo New Energy Corp. ⁽¹⁾		100		3,595

Commercial Services - 0.2%
Affirm Holdings, Inc. - Class A ⁽¹⁾		100		1,486
Avis Budget Group, Inc. ⁽¹⁾		100		16,779
Morningstar, Inc.		100		20,470
Toast, Inc. - Class A ⁽¹⁾		100		2,097
				40,832
Diversified Financial Services - 8.6%
Coinbase Global, Inc. - Class A ⁽¹⁾		30,100		1,872,220
Invesco Ltd.		39,300		565,134
				2,437,354
Energy - Alternate Sources - 5.6%
Plug Power, Inc. ⁽¹⁾		100		832
Sunnova Energy International, Inc. ⁽¹⁾		100		1,766
SunPower Corp. ⁽¹⁾		100		1,060
Sunrun, Inc. ⁽¹⁾		90,100		1,589,364
				1,593,022
Healthcare - Services - 2.0%
Teladoc Health, Inc. ⁽¹⁾		24,800		574,120

Household Products & Wares - 0.1%
Helen of Troy Ltd. ⁽¹⁾		100		9,628

Insurance - 6.4%
Trupanion, Inc. ⁽¹⁾		80,100		1,799,847

Internet - 0.1%
Robinhood Markets, Inc. - Class A ⁽¹⁾		100		892
Roku, Inc. - Class A ⁽¹⁾		100		5,820
Shopify, Inc. - Class A ⁽¹⁾		100		5,719
Zillow Group, Inc. - Class C ⁽¹⁾		100		4,561
				16,992
Leisure Time - 0.0%⁽²⁾
Peloton Interactive, Inc. - Class A ⁽¹⁾		100		728

Real Estate Investment Trusts (REITs) - 21.7%
Digital Realty Trust, Inc.		24,000		2,459,040
Kimco Realty Corp.		100		1,838
Medical Properties Trust, Inc.		250,100		2,063,325
SL Green Realty Corp.		70,100		1,621,413
Starwood Property Trust, Inc.		100		1,755
				6,147,371
Retail - 3.3%
Asbury Automotive Group, Inc. ⁽¹⁾		100		20,911
Floor & Decor Holdings, Inc. ⁽¹⁾		100		9,131
Lithia Motors, Inc. - Class A		100		23,328
Lowe’s Company, Inc.		100		20,113
The Home Depot, Inc.		100		28,345
Warby Parker, Inc. - Class A ⁽¹⁾		24,000		264,240
Williams-Sonoma, Inc.		5,000		567,550
				933,618
Semiconductors - 9.5%
NVIDIA Corp.		7,100		2,686,214

Software - 0.0% ⁽²⁾
Paycor HCM, Inc. ⁽¹⁾		100		2,199
ROBLOX Corp. - Class A ⁽¹⁾		100		4,186
				6,385
Total Common Stock
(Proceeds $21,935,909)				22,416,887

Exchange Traded Funds - 30.5%
ARK Innovation ETF		100		4,049
Consumer Discretionary Select Sector SPDR Fund		100		15,161
Financial Select Sector SPDR Fund		100		3,176
Invesco QQQ Trust Series 1		200		69,598
Real Estate Select Sector SPDR Fund		100		3,604
SPDR S&P Regional Banking ETF		100		3,897
SPDR S&P Retail ETF		150,100		8,531,684
Total Exchange Traded Funds
(Proceeds $8,886,554)				8,631,169

Total Securities Sold Short - 109.8%
(Proceeds $30,822,463)			$	31,048,056

Percentages are stated as a percent of net assets.

	⁽¹⁾	Non-income producing security.
	⁽²⁾	Does not round to 0.1% or (0.1)%, as applicable.

Summary of Fair Value Exposure at May 31, 2023 (Unaudited)

The Noble Absolute Return 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 securities sold short as of May 31, 2023:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks ⁽¹⁾	$	361,116	$	–	$	–	$	361,116
Exchange Traded Funds		9,374,655		–		–		9,374,655
Short-Term Investments		24,078,483		–		–		24,078,483
Total Investments in Securities	$	33,814,254	$	–	$	–	$	33,814,254

Securities Sold Short	Level 1		Level 2		Level 3		Total
Common Stocks ⁽¹⁾	$	22,416,887	$	–	$	–	$	22,416,887
Exchange Traded Funds		8,631,169		–		–		8,631,169
Total Securities Sold Short	$	31,048,056	$	–	$	–	$	31,048,056

⁽¹⁾See applicable Schedule of Investments or Schedule of Securities Sold Short for the industry breakout.