NPORT-EX 2 acruence-etf.htm ACRUENCE ETF - 6/30 PART F
Acruence Active Hedge U.S. Equity ETF
  
     
CONSOLIDATED SCHEDULE OF INVESTMENTS at June 30, 2023 (Unaudited)
  
               
Common Stocks - 80.8%
    
Shares
    
Value
  
Aerospace & Defense - 3.2%
 
            
Howmet Aerospace, Inc.
      
6,627
    
$
328,434
  
Lockheed Martin Corp.
      
430
      
197,964
  
The Boeing Co. (1)
      
689
      
145,489
  
               
671,887
  
Airlines - 1.4%
                  
Delta Air Lines, Inc. (1)
      
6,175
      
293,560
  
                   
Beverages - 1.2%
                  
Monster Beverage Corp. (1)
      
4,252
      
244,235
  
                   
Biotechnology - 1.2%
                  
Vertex Pharmaceuticals, Inc. (1)
      
726
      
255,487
  
                   
Building Materials - 1.4%
                  
Builders FirstSource, Inc. (1)
      
1,171
      
159,256
  
Owens Corning (1)
      
996
      
129,978
  
               
289,234
  
Coal - 1.1%
                  
Teck Resources Ltd.
      
5,728
      
241,149
  
                   
Commercial Services - 1.2%
                  
Quanta Services, Inc.
      
1,327
      
260,689
  
                   
Computers - 2.6%
                  
Super Micro Computer, Inc. (1)
      
2,229
      
555,578
  
                   
Cosmetics & Personal Care - 1.2%
                  
The Procter & Gamble Co.
      
1,651
      
250,523
  
                   
Distribution & Wholesale - 2.7%
                  
Fastenal Co.
      
2,866
      
169,065
  
W.W. Grainger, Inc.
      
513
      
404,547
  
               
573,612
  
Electrical Components & Equipment - 2.0%
                  
Belden, Inc.
      
2,630
      
251,559
  
Emerson Electric Co.
      
1,857
      
167,854
  
               
419,413
  
Electronics - 2.3%
                  
Jabil, Inc.
      
4,507
      
486,441
  
                   
Food - 1.0%
                  
Mondelez International, Inc.
      
2,774
      
202,336
  
                   
Healthcare - Products - 3.4%
                  
Boston Scientific Corp. (1)
      
4,748
      
256,819
  
Intuitive Surgical, Inc. (1)
      
585
      
200,035
  
Zimmer Biomet Holdings, Inc.
      
1,782
      
259,459
  
               
716,313
  
Healthcare - Services - 1.0%
                  
HCA Healthcare, Inc.
      
661
      
200,600
  
                   
Electronics - 1.2%
                  
Flex Ltd. (1)
      
9,251
      
255,698
  
                   
Internet - 3.0%
                  
Alphabet, Inc. - Class A (1)
      
1,492
      
178,592
  
Palo Alto Networks, Inc. (1)
      
654
      
167,104
  
Perion Network Ltd. (1)
      
9,075
      
278,330
  
               
624,026
  
Iron and Steel - 2.1%
                  
Carpenter Technology Corp.
      
2,952
      
165,696
  
Commercial Metals Co.
      
5,230
      
275,412
  
               
441,108
  
Commercial Services - 1.9%
                  
Booz Allen Hamilton Holding Corp.
      
3,529
      
393,836
  
                   
Mining - 0.8%
                  
Freeport-McMoRan, Inc.
      
4,178
      
167,120
  
                   
Miscellaneous Manufacturers - 2.4%
                  
Illinois Tool Works, Inc.
      
681
      
170,359
  
Parker-Hannifin Corp.
      
856
      
333,874
  
               
504,233
  
Oil & Gas - 7.3%
                  
ConocoPhillips
      
2,930
      
303,577
  
Diamondback Energy, Inc.
      
2,301
      
302,260
  
Phillips 66
      
2,458
      
234,444
  
Pioneer Natural Resources Co.
      
2,178
      
451,238
  
Black Stone Minerals LP
      
15,151
      
241,658
  
               
1,533,177
  
Mining - 0.6%
                  
BHP Group Ltd.
      
2,036
      
121,488
  
                   
Pharmaceuticals - 3.0%
                  
Eli Lilly & Co.
      
544
      
255,125
  
Merck & Co., Inc.
      
2,190
      
252,704
  
Zoetis, Inc.
      
741
      
127,608
  
               
635,437
  
Pipelines - 4.0%
                  
ONEOK, Inc.
      
4,395
      
271,259
  
Targa Resources Corp.
      
5,156
      
392,372
  
The Williams Company, Inc.
      
5,338
      
174,179
  
               
837,810
  
Retail - 6.7%
                  
Chipotle Mexican Grill, Inc. (1)
      
90
      
192,510
  
Darden Restaurants, Inc.
      
2,001
      
334,327
  
Genuine Parts Co.
      
1,556
      
263,322
  
McDonald's Corp.
      
700
      
208,887
  
Starbucks Corp.
      
1,648
      
163,251
  
Yum! Brands, Inc.
      
1,821
      
252,299
  
               
1,414,596
  
Semiconductors - 10.2%
                  
Advanced Micro Devices, Inc. (1)
      
2,436
      
277,485
  
Allegro MicroSystems, Inc. (1)
      
6,158
      
277,972
  
Analog Devices, Inc.
      
747
      
145,523
  
Broadcom, Inc.
      
598
      
518,723
  
Lam Research Corp.
      
596
      
383,145
  
Microchip Technology, Inc.
      
3,800
      
340,442
  
NVIDIA Corp.
      
463
      
195,858
  
               
2,139,148
  
Transportation - 1.6%
                  
FLEX LNG Ltd.
      
10,735
      
327,740
  
                   
Software - 6.7%
                  
Adobe, Inc. (1)
      
326
      
159,411
  
ANSYS, Inc. (1)
      
558
      
184,291
  
Cadence Design Systems, Inc. (1)
      
789
      
185,036
  
Microsoft Corp.
      
740
      
251,999
  
Oracle Corp.
      
2,767
      
329,522
  
Synopsys, Inc. (1)
      
687
      
299,127
  
               
1,409,386
  
Telecommunications - 0.9%
                  
Arista Networks, Inc. (1)
      
1,125
      
182,317
  
                   
Engineering & Construction - 1.5%
                  
MasTec, Inc. (1)
      
2,636
      
310,969
  
                   
TOTAL COMMON STOCKS
                  
(Cost $15,832,604)
              
16,959,146
  
                   

Contracts
 
Notional Amount
          
Options Purchased - 9.5%
                  
Call Options - 4.4%
                  
CBOE S&P Index
                  
Expiration 7/21/2023, Exercise Price $4,000 (3)
20
  
$
542,040
      
932,320
  
CBOE Volatility Index
                  
Expiration 7/19/2023, Exercise Price $40 (3)
746
    
16,412
      
2,984
  
Put Options - 5.1%
                  
CBOE S&P Index
                  
Expiration 07/21/2023, Exercise Price $5,000 (3)
20
    
1,513,220
      
1,073,700
  
Total Options Purchased
                  
(Cost $2,072,881)
              
2,009,004
  
                   
      
Shares
          
Short Term Investments - 14.1%
 
                
Money Market Funds - 14.1%
                  
First American Government Obligations Fund, Class X, 5.006% (2)
      
2,958,365
      
2,958,365
  
Total Short-Term Investments
                  
(Cost $2,958,365)
              
2,958,365
  
                   
                   
Total Investments in Securities - 104.4%
                  
(Cost $20,863,850)
              
21,926,515
  
Assets in Excess of Other Liabilities - (4.4)%
              
(932,271
)
Total Net Assets -  100.0%
            
$
20,994,244
  

               
 
(1)
  
Non-income producing security.
        
 
(2)
  
The rate shown is the annualized seven-day effective yield as of June 30, 2023.
      
 
(3)
  
The investment is a holding of Toroso Cayman Subsidiary I, a wholly-owned subsidiary of the Acruence Active Hedge U.S. Equity ETF.
 
(4)
  
Does not round to 0.1% or (0.1)%, as applicable.
      
Acruence Active Hedge U.S. Equity ETF
  
                   
CONSOLIDATED SCHEDULE OF OPTIONS WRITTEN at June 30, 2023 (Unaudited)
  
 
                  
 
  
Contracts
    
Notional Amount
    
Value
  
Options Written - 0.0% (1)
              
Call Options - 0.0% (1)
              
CBOE S&P Index
              
Expiration 7/21/2023, Exercise Price $5,000 (2)
    
20
    
$
200
    
$
140
  
Put Options - 0.0% (1)
                  
SPX US Index
                  
Expiration 7/21/2023, Exercise Price $4,000 (2)
    
20
      
71,060
      
4,540
  
Total Options Written
                        
(Premium Received $71,192)
                  
$
4,680
  

(1) Does not round to (0.1)% or 0.1%, as applicable.
          
(2) The investment is a holding of Toroso Cayman Subsidiary I, a wholly-owned subsidiary of the Acruence Active Hedge U.S. Equity ETF.
           
Percentages are stated as a percent of net assets.
          
Summary of Fair Value Exposure at June 30, 2023 (Unaudited)
         
The Acruence Active Hedge U.S. Equity 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 consolidated investments as of June 30, 2023:

Investments in Securities
  
Level 1
    
Level 2
    
Level 3
    
Total
Common Stock (1)
  
$
16,959,146
    
$
–
    
$
–
    
$
16,959,146
Options Purchased
    
2,009,004
      
-
      
-
      
2,009,004
Short-Term Investments
    
2,958,365
      
-
      
-
      
2,958,365
Total Investments in Securities
  
$
21,926,515
    
$
–
    
$
–
    
$
21,926,515
 
                              
Options Written
  
Level 1
    
Level 2
    
Level 3
    
Total
Call Options
  
$
140
    
$
–
    
$
–
    
$
140
Put Options
    
4,540
      
-
      
-
      
4,540
Total Options Written
  
$
4,680
    
$
–
    
$
–
    
$
4,680
                               
(1) See Consolidated Schedule of Investments for industry breakout.