SHP ETF Trust
FIS Biblically Responsible Risk Managed ETF
Schedule of Investments
August 31, 2022 (Unaudited)
Investments	Number of Shares		Value
COMMON STOCKS — 91.5%
Automobiles — 1.2%
Toyota Motor Corp. - SP-ADR		1,683	$	251,390
Banks — 8.8%
First Republic Bank		2,475		375,779
HDFC Bank Ltd. - ADR		5,619		343,040
KeyCorp		20,988		371,278
Signature Bank		1,200		209,232
SVB Financial Group*		535		217,488
Truist Financial Corp.		8,514		398,796
				1,915,613
Beverages — 2.1%
PepsiCo, Inc.		2,673		460,478
Capital Markets — 5.0%
Brookfield Asset Management Inc., Class A		5,965		286,976
FactSet Research Systems Inc.		990		429,007
Moody's Corp.		1,287		366,177
				1,082,160
Chemicals — 1.6%
Valvoline, Inc.		11,625		337,939
Commercial Services & Supplies — 3.5%
GFL Environmental Inc.		16,241		456,372
Republic Services, Inc.		2,079		296,715
				753,087
Construction Materials  — 1.5%
Holcim Ltd. - ADR		36,700		323,327
Containers & Packaging — 2.0%
Graphic Packaging Holding Co.		19,800		440,946
Diversified Telecommunication Services — 4.2%
Cogent Communications Holdings, Inc.		6,435		342,664
Orange SA - SP-ADR		20,691		208,772
Verizon Communications Inc.		8,712		364,249
				915,685
Energy Equipment & Services — 1.8%
SBM Offshore NV		28,597		400,711
Food & Staples Retailing — 1.9%
Casey's General Stores, Inc.		1,980		423,265
Food Products — 1.0%
Nestle SA - SP-ADR		1,881		220,190
Health Care Equipment & Supplies — 5.1%
Edwards Lifesciences Corp.*		3,267		294,357
Medtronic plc		4,554		400,388
Zimmer Biomet Holdings, Inc.		3,861		410,501
				1,105,246
Health Care Providers & Services — 5.0%
Chemed Corp.		891		424,286
Fresenius Medical Care AG & Co. KGaA - ADR		11,781		201,455
Humana Inc.		981		472,626
				1,098,367
Hotels, Restaurants & Leisure — 1.7%
Booking Holdings Inc.*		198		371,410
Household Durables — 1.4%
Toll Brothers, Inc.		7,065		309,376
Household Products — 2.5%
Colgate-Palmolive Co.		3,267		255,512
Reckitt Benckiser Group plc		19,000		296,970
				552,482
Industrial Conglomerates — 1.5%
Honeywell International Inc.		1,775		336,096
Insurance — 2.8%
AIA Group Ltd. - SP-ADR		9,941		380,448
AIA Group Ltd.		2		19
Progressive Corp. (The)		1,886		231,318
				611,785
IT Services — 6.6%
Capgemini SE		1,782		309,997
Fidelity National Information Services, Inc.		4,059		370,871
GoDaddy, Inc., Class A*		4,455		337,778
Mastercard Inc., Class A		1,287		417,464
				1,436,110
Leisure Products — 1.5%
Polaris Inc.		2,856		323,499
Life Sciences Tools & Services — 0.9%
Charles River Laboratories International, Inc.*		990		203,197
Machinery — 2.2%
AGCO Corp.		2,179		236,879
Nordson Corp.		1,073		243,753
				480,632
Pharmaceuticals — 1.6%
Pacira BioSciences, Inc.*		6,624		347,628
Professional Services — 4.4%
Experian plc		9,702		296,118
FTI Consulting, Inc.*		1,188		190,793
ManpowerGroup Inc.		3,465		254,054
RELX plc - SP-ADR		8,019		209,937
				950,902
Road & Rail — 2.3%
Canadian Pacific Railway Ltd.		3,465		259,390
Old Dominion Freight Line, Inc.		857		232,598
				491,988
Semiconductors & Semiconductor Equipment — 5.5%
NVIDIA Corp.		1,926		290,711
ON Semiconductor Corp.*		6,086		418,534
Skyworks Solutions, Inc.		3,242		319,499
Taiwan Semiconductor Manufacturing Co., Ltd. - SP-ADR		1,980		165,033
				1,193,777
Software — 5.0%
Check Point Software Technologies Ltd.*		2,674		321,522
Nice Ltd. - SP-ADR*		1,322		282,075
Palo Alto Networks, Inc.*		872		485,538
				1,089,135
Specialty Retail — 3.7%
Lowe's Companies, Inc.		2,287		443,998
TJX Companies Inc. (The)		5,742		358,014
				802,012
Textiles, Apparel & Luxury Goods — 1.4%
NIKE, Inc., Class B		2,772		295,079
Trading Companies & Distributors — 1.0%
Fastenal Co.		4,297		216,268
Wireless Telecommunication Services — 0.8%
Tele2 AB, Class B		16,335		174,514
TOTAL COMMON STOCKS
(Cost $22,217,285)				19,914,294
MONEY MARKET FUND — 9.0%
First American Treasury Obligations Fund, Class X, 2.140% (a)		1,947,265		1,947,265
TOTAL MONEY MARKET FUND
(Cost $1,947,265)				1,947,265
TOTAL INVESTMENTS — 100.5%
(Cost $24,164,550)				21,861,559
OTHER LIABILITIES LESS ASSETS — (0.5)%				(103,767	)
NET ASSETS — 100.0%			$	21,757,792

*	Non-income producing security.
(a)	7-day net yield.

ADR - American Depositary Receipt

SP-ADR - Sponsored American Depositary Receipt

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

FIS Biblically Responsible Risk Managed ETF invested, as a percentage of net assets, in the following countries as of August 31, 2022:
United States	73.9%
Canada	4.6%
United Kingdom	3.7%
Israel	2.8%
Switzerland	2.5%
France	2.4%
Netherlands	1.8%
Ireland	1.8%
Hong Kong	1.7%
India	1.6%
Japan	1.2%
Germany	0.9%
Sweden	0.8%
Taiwan, Province of China	0.8%
Other(1)	-0.5%
	100.0%
(1) Includes cash and net other assets (liabilities).

SHP ETF Trust

FIS Biblically Responsible Risk Managed ETF

Notes to Quarterly Schedule of Investments

August 31, 2022 (Unaudited)

Investment Valuation

The Fund discloses the fair market value of their investments in a hierarchy that distinguishes between:

• Level 1 — Quoted prices in active markets for identical assets.

• Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of August 31, 2022 for the Fund based upon the three levels defined above:

FIS Biblically Responsible Risk Managed ETF	Level 1		Level 2		Level 3		Total
Investments
Common Stocks *	$	19,914,294	$	-	$	-	$	19,914,294
Money Market Fund		1,947,265		-		-		1,947,265
Total Investments	$	21,861,559	$	-	$	-	$	21,861,559
* See Schedule of Investments for segregation by industry type.