Sound Equity Dividend Income ETF
Schedule of Investments
as of February 29, 2024 (Unaudited)
| COMMON STOCKS - 99.6% | Shares | Value | ||||||
| Advertising - 5.3% | ||||||||
| Omnicom Group, Inc. | 11,526 | $ | 1,018,784 | |||||
| The Interpublic Group of Co., Inc. | 12,391 | 389,077 | ||||||
| 1,407,861 | ||||||||
| Apparel - 2.2% | ||||||||
| Carter’s, Inc. | 7,342 | 594,335 | ||||||
| Banks - 5.8% | ||||||||
| Citigroup, Inc. | 15,267 | 847,166 | ||||||
| M&T Bank Corp. | 4,884 | 682,490 | ||||||
| 1,529,656 | ||||||||
| Chemicals - 7.0% | ||||||||
| Dow, Inc. | 10,048 | 561,482 | ||||||
| LyondellBasell Industries NV - Class A | 12,712 | 1,274,759 | ||||||
| 1,836,241 | ||||||||
| Commercial Services - 2.6% | ||||||||
| H&R Block, Inc. | 14,200 | 695,090 | ||||||
| Computers - 4.6% | ||||||||
| International Business Machines Corp. | 6,580 | 1,217,497 | ||||||
| Cosmetics & Personal Care - 3.9% | ||||||||
| Kenvue, Inc. | 23,111 | 439,109 | ||||||
| Unilever PLC - ADR | 11,907 | 583,086 | ||||||
| 1,022,195 | ||||||||
| Diversified Financial Services - 3.2% | ||||||||
| Franklin Resources, Inc. | 30,958 | 849,797 | ||||||
| Electric - 4.7% | ||||||||
| Edison International | 10,384 | 706,320 | ||||||
| Entergy Corp. | 5,183 | 526,437 | ||||||
| 1,232,757 | ||||||||
| Healthcare - Products - 4.4% | ||||||||
| Patterson Cos., Inc. | 43,224 | 1,170,938 | ||||||
| Insurance - 3.2% | ||||||||
| Principal Financial Group, Inc. | 10,602 | 857,278 | ||||||
| Office & Business Equipment - 3.5% | ||||||||
| Xerox Holdings Corp. | 50,100 | 934,365 | ||||||
| Oil & Gas - 8.7% | ||||||||
| HF Sinclair Corp. | 9,257 | 513,764 | ||||||
| TotalEnergies SE - ADR | 15,338 | 982,706 | ||||||
| Valero Energy Corp. | 5,642 | 798,117 | ||||||
| 2,294,587 | ||||||||
| Packaging & Containers - 3.8% | ||||||||
| Greif, Inc. - Class B | 15,662 | 1,002,681 | ||||||
| Pharmaceuticals - 12.6% | ||||||||
| AbbVie, Inc. | 4,666 | 821,449 | ||||||
| GSK PLC - ADR | 22,756 | 953,476 | ||||||
| Organon & Co. | 39,580 | 689,088 | ||||||
| Pfizer, Inc. | 32,765 | 870,238 | ||||||
| 3,334,251 | ||||||||
| Pipelines - 8.0% | ||||||||
| Enbridge, Inc. | 27,921 | 961,041 | ||||||
| ONEOK, Inc. | 15,336 | 1,152,040 | ||||||
| 2,113,081 | ||||||||
| Retail - 5.2% | ||||||||
| MSC Industrial Direct Co., Inc. - Class A | 6,935 | 700,019 | ||||||
| Walgreens Boots Alliance, Inc. | 31,270 | 664,800 | ||||||
| 1,364,819 | ||||||||
| Savings & Loans - 1.8% | ||||||||
| New York Community Bancorp, Inc. | 96,973 | 464,501 | ||||||
| Telecommunications - 7.3% | ||||||||
| AT&T, Inc. | 56,964 | 964,401 | ||||||
| Cisco Systems, Inc. | 20,072 | 970,882 | ||||||
| 1,935,283 | ||||||||
| Toys, Games & Hobbies - 1.8% | ||||||||
| Hasbro, Inc. | 9,471 | 476,297 | ||||||
| TOTAL COMMON STOCKS (Cost $25,349,939) | 26,333,510 | |||||||
| SHORT-TERM INVESTMENTS - 0.0%(a) | ||||||||
| Money Market Funds - 0.0%(a) | ||||||||
| First American Government Obligations Fund - Class X, 5.23%(b) | 4,850 | 4,850 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,850) | 4,850 | |||||||
| TOTAL INVESTMENTS - 99.6% (Cost $25,354,789) | $ | 26,338,360 | ||||||
| Other Assets in Excess of Liabilities - 0.4% | 102,512 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 26,440,872 |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
PLC - Public Limited Company
| (a) | Represents less than 0.05% of net assets. | |
| (b) | The rate shown represents the 7-day effective yield as of February 29, 2024. |
Summary of Fair Value Exposure at February 29, 2024 (Unaudited)
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 February 29, 2024:
Sound Equity Dividend Income ETF
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 26,333,510 | $ | — | $ | — | $ | 26,333,510 | ||||||||
| Money Market Funds | 4,850 | — | — | 4,850 | ||||||||||||
| Total Assets | $ | 26,338,360 | $ | — | $ | — | $ | 26,338,360 | ||||||||
Refer to the Schedule of Investments for industry classifications.