|
American Customer Satisfaction ETF
|
||||||||
|
SCHEDULE OF INVESTMENTS at June 30, 2023 (Unaudited)
|
||||||||
|
|
Shares
|
Value
|
||||||
|
Common Stocks - 99.7%
|
||||||||
|
Airlines - 4.8%
|
||||||||
|
Alaska Air Group, Inc. (1)
|
66,223
|
$
|
3,521,739
|
|||||
|
Apparel - 2.5%
|
||||||||
|
Nike, Inc. - Class B
|
16,207
|
1,788,767
|
||||||
|
Auto Manufacturers - 4.3%
|
||||||||
|
Tesla, Inc. (1)
|
11,844
|
3,100,404
|
||||||
|
Beverages - 2.4%
|
||||||||
|
The Coca-Cola Co.
|
29,424
|
1,771,913
|
||||||
|
Commercial Services - 2.5%
|
||||||||
|
Avis Budget Group, Inc. (1)
|
8,046
|
1,839,879
|
||||||
|
Computers - 9.7%
|
||||||||
|
Apple, Inc.
|
36,416
|
7,063,611
|
||||||
|
Diversified Financial Services - 8.9%
|
||||||||
|
Ally Financial, Inc.
|
74,782
|
2,019,862
|
||||||
|
Capital One Financial Corp.
|
20,529
|
2,245,257
|
||||||
|
The Charles Schwab Corp.
|
39,400
|
2,233,192
|
||||||
|
6,498,311
|
||||||||
|
Electric - 2.4%
|
||||||||
|
CenterPoint Energy, Inc.
|
30,159
|
879,135
|
||||||
|
NextEra Energy, Inc.
|
11,751
|
871,924
|
||||||
|
1,751,059
|
||||||||
|
Food - 4.9%
|
||||||||
|
The Hershey Co.
|
9,523
|
2,377,893
|
||||||
|
The Kroger Co.
|
25,395
|
1,193,565
|
||||||
|
3,571,458
|
||||||||
|
Gas - 1.3%
|
||||||||
|
Atmos Energy Corp.
|
7,997
|
930,371
|
||||||
|
Healthcare - Services - 3.4%
|
||||||||
|
Humana, Inc.
|
2,677
|
1,196,967
|
||||||
|
UnitedHealth Group, Inc.
|
2,714
|
1,304,457
|
||||||
|
2,501,424
|
||||||||
|
Insurance - 5.3%
|
||||||||
|
MetLife, Inc.
|
32,867
|
1,857,972
|
||||||
|
The Travelers Cos, Inc.
|
11,355
|
1,971,909
|
||||||
|
3,829,881
|
||||||||
|
Internet - 15.7%
|
||||||||
|
Alphabet, Inc. - Class C (1)
|
23,521
|
2,845,335
|
||||||
|
Amazon.com, Inc. (1)
|
41,966
|
5,470,688
|
||||||
|
Chewy, Inc. - Class A (1)
|
55,335
|
2,184,073
|
||||||
|
Pinterest, Inc. - Class A (1)
|
32,850
|
898,119
|
||||||
|
11,398,215
|
||||||||
|
Lodging - 2.8%
|
||||||||
|
Hyatt Hotels Corp. - Class A
|
18,022
|
2,064,961
|
||||||
|
Media - 1.7%
|
||||||||
|
The Walt Disney Co. (1)
|
13,924
|
1,243,135
|
||||||
|
Pharmaceuticals - 3.4%
|
||||||||
|
CVS Health Corp.
|
35,904
|
2,482,043
|
||||||
|
Retail - 8.5%
|
||||||||
|
American Eagle Outfitters, Inc.
|
89,407
|
1,055,003
|
||||||
|
Costco Wholesale Corp.
|
4,499
|
2,422,172
|
||||||
|
Papa John's International, Inc.
|
19,106
|
1,410,596
|
||||||
|
The TJX Cos, Inc.
|
15,602
|
1,322,893
|
||||||
|
6,210,664
|
||||||||
|
Software - 4.1%
|
||||||||
|
Microsoft Corp.
|
8,813
|
3,001,179
|
||||||
|
Telecommunications - 7.5%
|
||||||||
|
AT&T, Inc.
|
94,453
|
1,506,525
|
||||||
|
Motorola Solutions, Inc.
|
4,533
|
1,329,438
|
||||||
|
T-Mobile US, Inc. (1)
|
6,203
|
861,597
|
||||||
|
Verizon Communications, Inc.
|
47,011
|
1,748,339
|
||||||
|
5,445,899
|
||||||||
|
Transportation - 3.6%
|
||||||||
|
United Parcel Service, Inc. - Class B
|
14,763
|
2,646,268
|
||||||
|
Total Common Stocks
|
72,661,181
|
|||||||
|
(Cost $69,524,562)
|
||||||||
|
Short-Term Investments - 0.3%
|
||||||||
|
Money Market Funds - 0.3%
|
||||||||
|
First American Government Obligations Fund, Class X, 5.006% (2)
|
202,533
|
202,533
|
||||||
|
Total Short-Term Investments
|
||||||||
|
(Cost $202,533)
|
202,533
|
|||||||
|
Total Investments in Securities - 100.0%
|
||||||||
|
(Cost $69,727,095)
|
72,863,714
|
|||||||
|
Liabilities in Excess of Other Assets - (0.0)% (3)
|
(11,821
|
)
|
||||||
|
Total Net Assets - 100.0%
|
$
|
72,851,893
|
||||||
|
(1)
|
Non-income producing security.
|
|||||
|
(2)
|
The rate shown is the annualized seven-day effective yield as of June 30, 2023.
|
|||||
|
(3)
|
Does not round to 0.1% or (0.1)%, as applicable.
|
|||||
|
Summary of Fair Value Exposure at June 30, 2023 (Unaudited)
|
||||
|
The American Customer Satisfaction 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 as of June 30, 2023:
|
||||
|
Investments in Securities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Common Stocks (1)
|
$
|
72,661,181
|
$
|
–
|
$
|
–
|
$
|
72,661,181
|
||||||||
|
Short-Term Investments
|
202,533
|
–
|
–
|
202,533
|
||||||||||||
|
Total Investments in Securities
|
$
|
72,863,714
|
$
|
–
|
$
|
–
|
$
|
72,863,714
|
||||||||
|
(1) See Schedule of Investments for the industry breakout.
|
||||||||||||||||