Kelly Hotel & Lodging Sector ETF
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SCHEDULE OF INVESTMENTS
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May 31, 2023 (Unaudited)
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Number of Shares
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Value
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COMMON STOCKS 98.8%
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Consumer Discretionary Services 54.0%
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832
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Accor SA (a)
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$
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27,470
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128
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Choice Hotels International, Inc.
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14,527
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828
|
Dalata Hotel Group PLC (a)(b)
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3,765
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28
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Fattal Holdings 1998 Ltd. (a)(b)
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2,532
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|||||
452
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Hilton Grand Vacations, Inc. (b)
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19,323
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|||||
506
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Hilton Worldwide Holdings, Inc.
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68,877
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|||||
282
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Hyatt Hotels Corp. - Class A
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30,309
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484
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InterContinental Hotels Group PLC (a)
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31,601
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432
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Marriott International, Inc. - Class A
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72,485
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148
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Marriott Vacations Worldwide Corp.
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18,237
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428
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Melia Hotels International SA (a)(b)
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2,706
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520
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Playa Hotels & Resorts NV (b)
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4,623
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200
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Resorttrust, Inc. (a)
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2,913
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584
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Scandic Hotels Group AB (a)(b)
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2,104
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324
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Travel + Leisure Co.
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11,816
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846
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Whitbread PLC (a)
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34,455
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368
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Wyndham Hotels & Resorts, Inc.
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25,116
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372,859
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Media 9.4%
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|||||||
592
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Airbnb, Inc. - Class A (b)
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64,984
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Real Estate 35.4%
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|||||||
922
|
Apple Hospitality REIT, Inc.
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13,397
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|||||
3,600
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CDL Hospitality Trusts (a)
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3,082
|
|||||
206
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Chatham Lodging Trust
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1,934
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|||||
884
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DiamondRock Hospitality Co.
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6,939
|
|||||
610
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Gaming and Leisure Properties, Inc.
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29,365
|
|||||
1
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Hoshino Resorts REIT, Inc. (a)
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4,903
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|||||
1,958
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Host Hotels & Resorts, Inc.
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32,503
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|||||
18
|
Japan Hotel REIT Investment Corp. (a)
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10,191
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|||||
386
|
Pandox AB (a)
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3,955
|
|||||
936
|
Park Hotels & Resorts, Inc.
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12,112
|
|||||
536
|
Pebblebrook Hotel Trust
|
7,268
|
|||||
684
|
RLJ Lodging Trust
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7,032
|
|||||
232
|
Ryman Hospitality Properties, Inc.
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21,281
|
|||||
698
|
Service Properties Trust
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5,731
|
|||||
448
|
Summit Hotel Properties, Inc.
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2,934
|
|||||
884
|
Sunstone Hotel Investors, Inc.
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8,725
|
|||||
2,180
|
VICI Properties, Inc.
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67,427
|
Kelly Hotel & Lodging Sector ETF
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SCHEDULE OF INVESTMENTS (continued)
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May 31, 2023 (Unaudited)
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Number of Shares
|
|
|
Value | ||||
488
|
Xenia Hotels & Resorts, Inc.
|
$
|
5,685
|
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244,464
|
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Total Common Stocks
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|||||||
(Cost $759,370)
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682,307
|
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MONEY MARKET FUNDS 1.1%
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|||||||
3,810
|
First American Government Obligations Fund - Class X, 4.97% (c)
|
3,810
|
|||||
3,810
|
First American Treasury Obligations Fund - Class X, 5.01% (c)
|
3,810
|
|||||
7,620
|
|||||||
Total Money Market Funds
|
|||||||
(Cost $7,620)
|
7,620
|
||||||
Total Investments 99.9%
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|||||||
(Cost $766,990)
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689,927
|
||||||
Other Assets in Excess of Liabilities 0.1%
|
787
|
||||||
TOTAL NET ASSETS 100.0%
|
$
|
690,714
|
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(a) U.S.-dollar denominated security of a foreign issuer.
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|||||||
(b) Non-Income Producing.
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(c) 7-day yield.
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Investment Valuation
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The net asset value (“NAV”) per share of the Kelly Hotel & Lodging Sector ETF (the “Fund”) is calculated each business day as of the close of regular trading on the New York Stock Exchange
(“NYSE”), generally 4:00 p.m., Eastern Time. The Fund’s NAV per share is computed by dividing the Fund’s net assets by the number of shares outstanding. When calculating the NAV of the Fund’s shares, securities held by the Fund are valued
at market quotations when reliable market quotations are readily available. Exchange traded securities and instruments (including equity securities, depositary receipts and ETFs) are generally valued at the last reported sale price on the
principal exchange on which such securities are traded (at the NASDAQ Official Closing Price for NASDAQ listed securities), as of the close of regular trading on the NYSE on the day the securities are being valued or, if there are no sales,
at the mean of the most recent bid and asked prices. Over-the-counter (“OTC”) securities and instruments not traded on an exchange are generally valued at the last traded price. In the absence of a recorded transaction sale price or if the
last sale price is unavailable, OTC securities are valued at the mean between last bid and ask, as quoted. If an ask price for an OTC security is unavailable, last bid price is used. Such valuations would typically be categorized as Level 1
or Level 2 in the fair value hierarchy described below.
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The Board of Trustees (the”Board”) has approved valuation procedures for the Funds (the “Valuation Procedures”), which will be used for determining fair value of any Fund investments
for which a market quotation is not readily available. The valuation of the Fund's investments is performed in accordance with the principles found in Rule 2a-5 of the 1940 Act and in conjunction with FASB's Accounting Standards
Codification Topic 820, Fair Value Measurements and Disclosures. The Board has designated the Adviser as the valuation designee of the Funds. As valuation designee, the Adviser performs the fair
value determination relating to any and all Fund investments, subject to the conditions and oversight requirements described in the Valuation Procedures. The Adviser may consult with representatives from the Funds' Sub-Adviser, outside
legal counsel, or other third-party consultants in their discussions and deliberations. Fair valuations may be used in a variety of circumstances, including but not limited to, situations when the value of a security has been materially
affected by events occurring after the close of the market on which such security is principally traded (such as a corporate action or other news that may materially affect the price of such security) or trading in such security has been
suspended or halted. Such valuations would typically be categorized as Level 2 or Level 3 in the fair value hierarchy described below. Fair value pricing involves subjective judgments, and it is possible that a fair value determination
for a security is materially different than the value that could be realized upon the sale of such security. In addition, fair value pricing could result in a difference between the prices used to calculate the Fund's NAV and the prices
used by the Fund's Index. This may adversely affect the Fund's ability to track its Index.
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The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data
obtained from sources independent of the Fund (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 — Unadjusted 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). |
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The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
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The following is a summary of inputs used to value the Fund’s investments as of May 31, 2023:
|
Investments at Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||
Common Stocks (a)
|
$
|
682,307
|
$
|
-
|
$
|
-
|
$
|
682,307
|
|||||||
Money Market Funds
|
7,620
|
-
|
-
|
7,620
|
|||||||||||
Total
|
$
|
689,927
|
$
|
-
|
$
|
-
|
$
|
689,927
|
|||||||
|
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(a) See the Fund’s Schedule of Investments for sector classifications.
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