UBC ALGORITHMIC FUNDAMENTALS ETF

Schedule of InvestmentsOctober 31, 2022 (unaudited)

1

QUARTERLY REPORT

Shares

 

Fair Value

87.14%

COMMON STOCKS

 

10.02%

COMMUNICATION SERVICES

 

Activision Blizzard, Inc.

83

$6,042

 

Alphabet, Inc. - Class A*

1,570

148,381

 

Meta Platforms, Inc.*

363

33,817

 

188,240

14.25%

CONSUMER DISCRETIONARY

 

Amazon.Com, Inc.*

1,227

125,694

 

Chipotle Mexican Grill*

12

17,980

 

Etsy, Inc.*

74

6,949

 

Royal Caribbean Cruises *

342

18,256

 

Tesla, Inc.*

434

98,752

 

267,631

4.39%

CONSUMER STAPLES

 

Archer-Daniels-Midland Co.

190

18,426

 

Costco Wholesale Corp.

60

30,090

 

PepsiCo, Inc.

187

33,956

 

82,472

3.96%

ENERGY

 

Devon Energy Corp.

467

19,539

 

Marathon Oil Corp.

599

18,240

 

Marathon Petroleum Corp.

158

17,952

 

Schlumberger Ltd.

359

18,679

 

74,410

1.90%

FINANCIALS

 

Intercontinental Exchange

186

17,776

 

NASDAQ, Inc.

288

17,925

 

35,701

1.92%

HEALTH CARE

 

CVS Health Corp.

76

7,197

 

Danaher Corp.

29

7,298

 

Molina Healthcare, Inc.*

20

7,177

 

Thermo Fisher Scientific

14

7,196

 

Vertex Pharmaceuticals*

23

7,176

 

36,044

 

6.46%

INDUSTRIALS

 

Caterpillar, Inc.

82

17,750

 

Fortive Corp.

279

17,828

 

Honeywell International

88

17,954

 

Old Dominion Freight

27

7,414

UBC ALGORITHMIC FUNDAMENTALS ETF

Schedule of Investments - continuedOctober 31, 2022 (unaudited)

2

QUARTERLY REPORT

Shares

 

Fair Value

 

Textron, Inc.

263

$18,000

 

Transdigm Group, Inc.

36

20,727

 

Union PAC Corp.

36

7,097

 

UPS, Inc. Class B

43

7,214

 

Waste Management, Inc.

46

7,285

 

121,269

37.12%

INFORMATION TECHNOLOGY

 

Analog Devices, Inc.

50

7,131

 

Apple, Inc.

1,964

301,160

 

Auto Desk*

82

17,573

 

Broadcom, Inc.

60

28,207

 

Broadridge Financial Solutions

42

6,303

 

Cadence Design Systems*

48

7,267

 

Enphase Energy, Inc.*

72

22,104

 

EPAM Systems, Inc.*

21

7,350

 

LAM Research Corp.

45

18,215

 

Microchip Technology, Inc.

114

7,038

 

Microsoft Corp.

901

209,149

 

Nvidia Corp

328

44,270

 

Synopsys, Inc.*

24

7,021

 

Texas Instruments, Inc.

45

7,228

 

Tyler Technologies, Inc.*

22

7,113

 

697,129

1.81%

MATERIALS

 

Avery Dennison Corp.

 

CF Industries Holdings, Inc.

42

7,121

 

PPG Industries, Inc.

185

19,658

 

63

7,193

 

33,972

2.28%

REAL ESTATE

 

Host Hotels & Resorts

964

18,200

 

Invitation Homes, Inc.

225

7,130

 

Prologis, Inc.

159

17,609

 

42,939

3.03%

UTILITIES

 

Alliant Energy Corp.

138

7,200

 

American Electric Power Co., Inc.

81

7,122

 

DTE Energy Co.

63

7,063

 

Duke Energy Co.

77

7,175

 

Eversource Energy

94

7,170

 

Nextera Energy, Inc.

91

7,053

UBC ALGORITHMIC FUNDAMENTALS ETF

Schedule of Investments - continuedOctober 31, 2022 (unaudited)

3

QUARTERLY REPORT

Shares

 

Fair Value

 

Public Service Enterprise Group, Inc.

126

$7,065

 

The Southern Company

108

7,072

 

56,920

 

87.14%

TOTAL COMMON STOCKS

1,636,727

 

4.77%

MONEY MARKET FUND

 

Dreyfus Treasury Securities Cash Management 2.21%**

89,648

89,648

1.99% PURCHASED OPTIONS

Description

 

Number of
Contracts

 

Notional
Amount

 

Exercise
Price

 

Value

 

CALL OPTIONS

 

Apple Inc.

59

$904,706

$152.50

$37,347

 

1.99%

TOTAL PURCHASED OPTIONS

$37,347

 

93.90%

TOTAL INVESTMENTS

1,763,722

6.10%

Other assets, net of liabilities

114,492

100.00%

NET ASSETS

$1,878,214

*Non-income producing

**Effective 7 day yield as of October 31, 2022

In accordance with U.S. GAAP, “fair value” is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining 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.

UBC ALGORITHMIC FUNDAMENTALS ETF

Schedule of Investments - continuedOctober 31, 2022 (unaudited)

4

QUARTERLY REPORT

The following is a summary of the inputs used to value the Fund’s investments as of October 31, 2022:

Level 1

Level 2

Level 3

Quoted Prices

 

Other
Significant
Observable
Inputs

 

Significant
Unobservable
Inputs

 

Total

Common Stock

$1,636,727

$

$

$1,636,727

Money Market

$89,648

$89,648

Purchased Options

$37,347

 

 

 

 

 

$37,347

Total Investments

$1,763,722

 

$

 

$

 

$1,763,722

The Fund held no Level 3 securities at any time during the period.

There were no transfers into or out of Levels 1 and 2 during the period ended October 31, 2022.

At October 31, 2022, the cost of investments for Federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $1,868,578 and the related tax-based net unrealized appreciation (depreciation) consists of:

 

Gross unrealized appreciation

$24,204

 

Gross unrealized depreciation

(129,060

)

 

Net unrealized appreciation

$(104,856

)