SHP ETF Trust
FIS Knights of Columbus Global Belief ETF
Schedule of Investments
February 28, 2023 (Unaudited)
Investments	Number of Shares		Value
COMMON STOCKS — 92.5%
Auto Components — 0.7%
Magna International, Inc.^		2,444	$	136,521
Automobiles — 2.2%
Mercedes-Benz Group AG^		3,036		233,910
Tesla, Inc.*		853		175,471
				409,381
Banks — 7.9%
Bank of Montreal^		2,314		219,800
BNP Paribas SA^		2,820		197,829
CaixaBank SA^		48,000		206,263
Citizens Financial Group, Inc.		4,984		208,132
KB Financial Group, Inc.^		4,272		164,600
United Overseas Bank Ltd.^		10,235		227,487
Wells Fargo & Co.		5,052		236,282
				1,460,393
Beverages — 1.2%
Pernod Ricard SA^		1,045		219,096
Biotechnology — 1.3%
Horizon Therapeutics plc*^		2,184		239,126
Capital Markets — 0.9%
Franklin Resources, Inc.		5,874		173,107
Chemicals — 2.6%
Chemours Co. (The)		3,295		112,623
Nutrien Ltd.^		1,961		153,141
Shin-Ltsu Chemical Co., Ltd.^		1,540		216,503
				482,267
Construction & Engineering — 3.4%
AECOM		2,201		190,078
Quanta Services, Inc.		1,201		193,842
Stantec, Inc.^		4,183		243,523
				627,443
Consumer Finance — 1.3%
American Express Co.		1,355		235,757
Diversified Financial Services — 1.9%
Berkshire Hathaway, Inc. Class B*		1,157		353,093
Diversified Telecommunication Services — 1.0%
Nippon Telegraph & Telephone Corp.^		6,100		176,755
Electric Utilities — 1.6%
Entergy Corp.		1,205		123,958
Exelon Corp.		4,450		179,736
				303,694
Electrical Equipment — 0.8%
Fuji Electric Co. Ltd.^		4,005		154,655
Food & Staples Retailing — 0.9%
BJ’s Wholesale Club Holdings, Inc.*		2,194		157,529
Food Products — 3.8%
Darling Ingredients, Inc.*		2,710		171,462
General Mills, Inc.		2,035		161,803
Nestle SA^		3,313		374,972
				708,237
Health Care Equipment & Supplies — 2.5%
Hoya Corp.^		1,604		158,616
ICU Medical, Inc.*		767		130,881
Sonova Holding AG^		731		180,322
				469,819
Health Care Providers & Services — 0.9%
Quest Diagnostics Inc.		1,152		159,391
Hotels, Restaurants & Leisure — 1.0%
Darden Restaurants, Inc.		1,246		178,166
Insurance — 1.8%
Hartford Financial Services Group, Inc. (The)		2,473		193,586
MAPFRE, SA*^		67,000		144,097
				337,683
Interactive Media & Services — 5.0%
Alphabet, Inc. Class A*		3,649		328,629
Baidu, Inc.*^		9,167		157,426
Meta Platforms, Inc., Class A*		1,664		291,100
Tencent Holdings Ltd.^		3,150		137,886
				915,041
Internet & Direct Marketing Retail — 2.5%
Alibaba Group Holding Ltd.*^		9,200		101,382
Meituan, Class B*^ (b)		315		5,462
MercadoLibre, Inc.*		167		203,740
PDD Holdings Inc.*		1,630		143,000
				453,584
IT Services — 3.8%
Accenture plc^		890		236,339
Infosys Ltd.^		9,237		165,712
Visa, Inc.		1,335		293,620
				695,671
Machinery — 1.4%
Caterpillar, Inc.		1,068		255,839
Marine — 1.5%
A.P. Moller - Maersk A/S^		70		163,679
COSCO SHIPPING Holdings Co., Ltd.^		107,789		111,778
				275,457
Metals & Mining — 2.1%
BHP Group Ltd.^		5,874		179,043
Boliden AB^		4,895		201,905
				380,948
Multiline Retail — 0.9%
Target Corp.		1,019		171,702
Multi-Utilities — 1.2%
Veolia Environnement SA^		7,064		212,081
Oil, Gas & Consumable Fuels — 5.8%
Canadian Natural Resources Ltd.^		3,486		197,441
Cheniere Energy, Inc.		1,082		170,242
ConocoPhillips		1,933		199,776
Equinor ASA^		5,418		167,647
Pioneer Natural Resources Co.		710		142,291
Woodside Energy Group Ltd.^		7,671		185,760
				1,063,157
Paper & Forest Products — 0.9%
Suzano SA^		17,500		159,775
Personal Products — 1.9%
Natura & Co. Holding SA^		17,200		100,792
Unilever plc^		5,032		251,966
				352,758
Pharmaceuticals — 4.8%
Bristol-Myers Squibb Co.		3,560		245,497
Eli Lilly & Co.		979		304,684
Ipsen SA*^		1,780		204,060
Ono Pharmaceutical Co Ltd.^		6,700		136,740
				890,981
Real Estate Investment Trust — 0.9%
VICI Properties Inc.		4,814		161,413
Real Estate Management & Development — 1.0%
CK Asset Holdings Ltd.^		28,678		179,751
Road & Rail — 1.0%
CSX Corp.		6,201		189,069
Semiconductors & Semiconductor Equipment — 5.1%
ASML Holding NV^		380		235,347
Broadcom, Inc.		460		273,373
NVIDIA Corp.		688		159,726
Taiwan Semiconductor Manufacturing Co., Ltd. - SP-ADR^		3,204		278,972
				947,418
Software — 5.2%
Microsoft Corp.		3,204		799,142
ServiceNow, Inc.*		356		153,852
				952,994
Specialty Retail — 1.2%
Tractor Supply Co.		940		219,264
Technology Hardware, Storage & Peripherals — 3.8%
Apple Inc.		4,788		705,799
Textiles, Apparel & Luxury Goods — 2.9%
Deckers Outdoor Corp.*		566		235,654
LVMH Moet Hennessy Louis Vuitton SE*^		364		304,572
				540,226
Trading Companies & Distributors — 1.0%
Ferguson plc^		1,225		177,150
Wireless Telecommunication Services — 0.9%
MTN Group Ltd.^		20,234		159,623
TOTAL COMMON STOCKS
(Cost $17,792,266)				17,041,814
SHORT-TERM INVESTMENTS — 7.2%
Money Market Fund
First American Treasury Obligations Fund, Class X, 4.480% (a)		1,329,277		1,329,277
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,329,277)				1,329,277
TOTAL INVESTMENTS — 99.7%
(Cost $19,121,543)				18,371,091
OTHER ASSETS LESS LIABILITIES — 0.3%				55,296
NET ASSETS — 100.0%			$	18,426,387

*	Non-income producing security.
^	Foreign security.
(a)	7-day net yield.
(b)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been deemed to be liquid by the Fund’s adviser under the supervision of the Board of Trustees. As of February 28, 2023, the value of these investments was $5,462 or 0.03% of total net assets.
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 Knights of Columbus Global Belief ETF invested, as a percentage of net assets, in the following countries as of February 28, 2023:
United States	55.2%
France	6.2%
Canada	5.1%
Japan	4.6%
Cayman Islands	3.9%
Switzerland	3.0%
Ireland	2.6%
Australia	2.0%
Spain	1.9%
Taiwan, Province of China	1.5%
Brazil	1.4%
United Kingdom	1.4%
Netherlands	1.3%
Germany	1.3%
Singapore	1.2%
Sweden	1.1%
Jersey, Province of the United Kingdom	0.9%
Norway	0.9%
India	0.9%
Denmark	0.9%
South Korea	0.9%
South Africa	0.9%
China	0.6%
Other(1)	0.3%
	100.0%
(1) Includes cash and net other assets (liabilities).

SHP ETF Trust

FIS Knights of Columbus Global Belief ETF

Notes to Quarterly Schedule of Investments

February 28, 2023 (Unaudited)

Investment Valuation

The Fund discloses the fair value of their investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund’s (observable inputs) and (2) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

• Level 1 — Quoted prices in active markets for identical assets that the Fund’s have the ability to access.

• 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 inputs used to value the Fund’s investments as of February 28, 2023:

FIS Knights of Columbus Global Belief ETF	Level 1		Level 2		Level 3		Total
Investments
Common Stocks *	$	17,041,814	$	-	$	-	$	17,041,814
Money Market Fund		1,329,277		-		-		1,329,277
Total Investments	$	18,371,091	$	-	$	-	$	18,371,091
* See Schedule of Investments for segregation by industry type.