American Conservative Values ETF
Schedule of InvestmentsOctober 31, 2022 (unaudited)
1
QUARTERLY REPORT
|
|
|
Security Description |
|
Number of |
|
Fair |
|
|
99.72% |
|
COMMON STOCKS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.73% |
|
COMMUNICATION SERVICES |
|
|
|
|
|
|
|
|
Activision Blizzard, Inc. |
|
331 |
|
$24,097 |
|
|
|
|
AT&T Inc. |
|
7,018 |
|
127,938 |
|
|
|
|
Charter Communications, Inc.* |
|
1,085 |
|
398,868 |
|
|
|
|
DISH Network Corp.* |
|
1,761 |
|
26,257 |
|
|
|
|
Electronic Arts, Inc. |
|
124 |
|
15,619 |
|
|
|
|
Fox Corp. - Class A |
|
1,501 |
|
43,334 |
|
|
|
|
Fox Corp. - Class B |
|
1,421 |
|
38,651 |
|
|
|
|
IAC/InterActive Corp.* |
|
482 |
|
23,464 |
|
|
|
|
Live Nation Entertainment, Inc.* |
|
399 |
|
31,764 |
|
|
|
|
Lumen Technologies, Inc. |
|
2,326 |
|
17,119 |
|
|
|
|
Match Group, Inc.* |
|
603 |
|
26,050 |
|
|
|
|
News Corp. - Class A |
|
2,167 |
|
36,557 |
|
|
|
|
News Corp. - Class B |
|
1,968 |
|
33,712 |
|
|
|
|
Omnicom Group, Inc. |
|
1,439 |
|
104,687 |
|
|
|
|
Paramount Global |
|
2,104 |
|
38,545 |
|
|
|
|
Spotify Technology SA* |
|
320 |
|
25,786 |
|
|
|
|
Take-Two Interactive Software* |
|
219 |
|
25,947 |
|
|
|
|
The Interpublic Group of Cos, Inc. |
|
3,163 |
|
94,226 |
|
|
|
|
T-Mobile US, Inc.* |
|
2,631 |
|
398,754 |
|
|
|
|
Vimeo, Inc.* |
|
658 |
|
2,500 |
|
|
|
|
|
|
|
|
1,533,875 |
|
|
|
|
|
|
|
|
|
|
|
11.47% |
|
CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
|
Advance Auto Parts, Inc. |
|
90 |
|
17,093 |
|
|
|
|
Aptiv PLC* |
|
355 |
|
32,330 |
|
|
|
|
AutoZone, Inc.* |
|
2 |
|
5,066 |
|
|
|
|
Bath & Body Works, Inc. |
|
383 |
|
12,785 |
|
|
|
|
Best Buy Co., Inc. |
|
311 |
|
21,276 |
|
|
|
|
Booking Holdings, Inc.* |
|
137 |
|
256,119 |
|
|
|
|
BorgWarner, Inc. |
|
395 |
|
14,824 |
|
|
|
|
CarMax, Inc.* |
|
178 |
|
11,216 |
|
|
|
|
Carnival Corp.** |
|
972 |
|
8,806 |
|
|
|
|
Chipotle Mexican Grill, Inc.* |
|
45 |
|
67,425 |
|
|
|
|
DR Horton, Inc. |
|
356 |
|
27,369 |
|
|
|
|
Darden Restaurants, Inc. |
|
181 |
|
25,908 |
|
American Conservative Values ETF
Schedule of Investments - continuedOctober 31, 2022 (unaudited)
2
QUARTERLY REPORT
|
|
|
Security Description |
|
Number of |
|
Fair |
|
|
|
|
Dollar General Corp. |
|
279 |
|
$71,159 |
|
|
|
|
Dollar Tree, Inc.* |
|
105 |
|
16,643 |
|
|
|
|
Domino’s Pizza, Inc. |
|
45 |
|
14,951 |
|
|
|
|
eBay, Inc. |
|
734 |
|
29,243 |
|
|
|
|
Etsy, Inc.* |
|
535 |
|
50,242 |
|
|
|
|
Expedia Group, Inc.* |
|
584 |
|
54,586 |
|
|
|
|
Ford Motor Co. |
|
5,495 |
|
73,468 |
|
|
|
|
The Gap, Inc. |
|
309 |
|
3,482 |
|
|
|
|
Garmin Ltd. |
|
617 |
|
54,321 |
|
|
|
|
Genuine Parts Co. |
|
223 |
|
39,663 |
|
|
|
|
Hasbro, Inc. |
|
92 |
|
6,003 |
|
|
|
|
Hilton Worldwide Holdings, Inc. |
|
355 |
|
48,017 |
|
|
|
|
The Home Depot, Inc. |
|
3,134 |
|
928,071 |
|
|
|
|
Las Vegas Sands Corp.* |
|
533 |
|
20,259 |
|
|
|
|
Lennar Corp. |
|
264 |
|
21,305 |
|
|
|
|
LKQ Corp. |
|
264 |
|
14,689 |
|
|
|
|
Marriott International, Inc./MD |
|
846 |
|
135,453 |
|
|
|
|
McDonald’s Corp. |
|
1,006 |
|
274,296 |
|
|
|
|
MGM Resorts International |
|
1,110 |
|
39,483 |
|
|
|
|
Norwegian Cruise Line Holdings* |
|
267 |
|
4,510 |
|
|
|
|
O’Reilly Automotive, Inc.* |
|
90 |
|
75,345 |
|
|
|
|
Pool Corp. |
|
45 |
|
13,690 |
|
|
|
|
PulteGroup, Inc. |
|
136 |
|
5,439 |
|
|
|
|
PVH Corp. |
|
89 |
|
4,567 |
|
|
|
|
Ralph Lauren Corp. |
|
44 |
|
4,078 |
|
|
|
|
Ross Stores, Inc. |
|
446 |
|
42,678 |
|
|
|
|
Royal Caribbean Cruises Ltd.* |
|
223 |
|
11,904 |
|
|
|
|
Tapestry, Inc. |
|
268 |
|
8,490 |
|
|
|
|
Target Corp. |
|
657 |
|
107,912 |
|
|
|
|
Tesla, Inc.* |
|
3,684 |
|
838,257 |
|
|
|
|
The TJX Cos, Inc. |
|
1,627 |
|
117,307 |
|
|
|
|
Tractor Supply Co. |
|
136 |
|
29,889 |
|
|
|
|
Ulta Beauty, Inc.* |
|
45 |
|
18,872 |
|
|
|
|
Under Armour, Inc. - Class A* |
|
177 |
|
1,319 |
|
|
|
|
Under Armour, Inc. - Class C* |
|
218 |
|
1,430 |
|
|
|
|
VF Corp. |
|
354 |
|
10,000 |
|
|
|
|
Wynn Resorts Ltd.* |
|
131 |
|
8,371 |
|
|
|
|
YUM! Brands, Inc. |
|
144 |
|
17,028 |
|
|
|
|
|
|
|
|
3,716,637 |
|
American Conservative Values ETF
Schedule of Investments - continuedOctober 31, 2022 (unaudited)
3
QUARTERLY REPORT
|
|
|
Security Description |
|
Number of |
|
Fair |
|
|
8.50% |
|
CONSUMER STAPLES |
|
|
|
|
|
|
|
|
Altria Group, Inc. |
|
2,081 |
|
$96,288 |
|
|
|
|
Archer-Daniels-Midland Co. |
|
364 |
|
35,301 |
|
|
|
|
Brown-Forman Corp. |
|
275 |
|
18,700 |
|
|
|
|
Church & Dwight Co., Inc. |
|
223 |
|
16,531 |
|
|
|
|
Colgate-Palmolive Co. |
|
348 |
|
25,696 |
|
|
|
|
Constellation Brands, Inc. |
|
351 |
|
86,725 |
|
|
|
|
Costco Wholesale Corp. |
|
1,410 |
|
707,115 |
|
|
|
|
The Estee Lauder Cos., Inc. |
|
223 |
|
44,709 |
|
|
|
|
General Mills, Inc. |
|
534 |
|
43,564 |
|
|
|
|
Kimberly-Clark Corp. |
|
310 |
|
38,583 |
|
|
|
|
The Kraft Heinz Co. |
|
843 |
|
32,430 |
|
|
|
|
Kroger Co. |
|
310 |
|
14,660 |
|
|
|
|
McCormick & Co., Inc./MD |
|
178 |
|
13,998 |
|
|
|
|
Mondelez International, Inc. |
|
2,120 |
|
130,338 |
|
|
|
|
Monster Beverage Corp.* |
|
840 |
|
78,725 |
|
|
|
|
PepsiCo, Inc. |
|
2,724 |
|
494,624 |
|
|
|
|
Philip Morris International, Inc. |
|
1,504 |
|
138,142 |
|
|
|
|
Sysco Corp. |
|
201 |
|
17,399 |
|
|
|
|
The Clorox Co. |
|
38 |
|
5,549 |
|
|
|
|
The Hershey Co. |
|
135 |
|
32,234 |
|
|
|
|
The Procter & Gamble Co. |
|
4,576 |
|
616,250 |
|
|
|
|
Tyson Foods, Inc. |
|
353 |
|
24,128 |
|
|
|
|
Walgreens Boots Alliance, Inc. |
|
1,152 |
|
42,048 |
|
|
|
|
|
|
|
|
2,753,737 |
|
|
5.21% |
|
ENERGY |
|
|
|
|
|
|
|
|
Baker Hughes Co. |
|
927 |
|
25,641 |
|
|
|
|
Chevron Corp. |
|
2,296 |
|
415,346 |
|
|
|
|
ConocoPhillips |
|
976 |
|
123,064 |
|
|
|
|
EOG Resources, Inc. |
|
487 |
|
66,485 |
|
|
|
|
Exxon Mobil Corp. |
|
5,803 |
|
643,030 |
|
|
|
|
Halliburton Co. |
|
881 |
|
32,086 |
|
|
|
|
Hess Corp. |
|
133 |
|
18,764 |
|
|
|
|
Kinder Morgan, Inc. |
|
2,034 |
|
36,856 |
|
|
|
|
Marathon Petroleum Corp. |
|
888 |
|
100,895 |
|
|
|
|
Occidental Petroleum Corp. |
|
889 |
|
64,541 |
|
|
|
|
ONEOK, Inc. |
|
395 |
|
23,431 |
|
|
|
|
Pioneer Natural Resources Co. |
|
89 |
|
22,820 |
|
American Conservative Values ETF
Schedule of Investments - continuedOctober 31, 2022 (unaudited)
4
QUARTERLY REPORT
|
|
|
Security Description |
|
Number of |
|
Fair |
|
|
|
|
Schlumberger NV |
|
1,677 |
|
$87,254 |
|
|
|
|
The Williams Cos., Inc. |
|
838 |
|
27,428 |
|
|
|
|
|
|
|
|
1,687,641 |
|
|
|
|
|
|
|
|
|
|
|
11.42% |
|
FINANCIALS |
|
|
|
|
|
|
|
|
Aflac, Inc. |
|
266 |
|
17,319 |
|
|
|
|
The Allstate Corp. |
|
114 |
|
14,393 |
|
|
|
|
American International Group, Inc. |
|
315 |
|
17,955 |
|
|
|
|
Ameriprise Financial, Inc. |
|
182 |
|
56,260 |
|
|
|
|
Aon PLC |
|
223 |
|
62,772 |
|
|
|
|
Arthur J Gallagher & Co. |
|
90 |
|
16,837 |
|
|
|
|
Bank of New York Mellon Corp. |
|
418 |
|
17,602 |
|
|
|
|
Berkshire Hathaway, Inc. - Class B* |
|
2,948 |
|
869,925 |
|
|
|
|
Capital One Financial Corp. |
|
448 |
|
47,497 |
|
|
|
|
Cboe Global Markets, Inc. |
|
92 |
|
11,454 |
|
|
|
|
Chubb Ltd. |
|
663 |
|
142,472 |
|
|
|
|
Cincinnati Financial Corp. |
|
181 |
|
18,701 |
|
|
|
|
Citigroup, Inc. |
|
3,253 |
|
149,183 |
|
|
|
|
Citizens Financial Group, Inc. |
|
750 |
|
30,675 |
|
|
|
|
CME Group, Inc. |
|
485 |
|
84,051 |
|
|
|
|
Discover Financial Services |
|
988 |
|
103,206 |
|
|
|
|
Fifth Third BanCorp |
|
1,239 |
|
44,220 |
|
|
|
|
First Republic Bank/CA |
|
267 |
|
32,067 |
|
|
|
|
Franklin Resources, Inc. |
|
262 |
|
6,144 |
|
|
|
|
Hartford Financial Services Group |
|
312 |
|
22,592 |
|
|
|
|
Huntington Bancshares, Inc. |
|
1,373 |
|
20,842 |
|
|
|
|
Intercontinental Exchange, Inc. |
|
751 |
|
71,773 |
|
|
|
|
Invesco Ltd. |
|
138 |
|
2,114 |
|
|
|
|
KeyCorp |
|
930 |
|
16,619 |
|
|
|
|
Lincoln National Corp. |
|
218 |
|
11,744 |
|
|
|
|
Loews Corp. |
|
213 |
|
12,145 |
|
|
|
|
MarketAxess Holdings, Inc. |
|
45 |
|
10,982 |
|
|
|
|
Marsh & McLennan Cos., Inc. |
|
573 |
|
92,534 |
|
|
|
|
MetLife, Inc. |
|
1,546 |
|
113,183 |
|
|
|
|
Moody’s Corp. |
|
260 |
|
68,866 |
|
|
|
|
Morgan Stanley |
|
2,691 |
|
221,119 |
|
|
|
|
MSCI, Inc. |
|
47 |
|
22,036 |
|
|
|
|
Northern Trust Corp. |
|
353 |
|
29,775 |
|
5
QUARTERLY REPORT
American Conservative Values ETF
Schedule of Investments - continuedOctober 31, 2022 (unaudited)
|
|
|
Security Description |
|
Number of |
|
Fair |
|
|
|
|
PNC Financial Services Group |
|
805 |
|
$130,273 |
|
|
|
|
Principal Financial Group, Inc. |
|
179 |
|
15,775 |
|
|
|
|
Prudential Financial, Inc. |
|
182 |
|
19,145 |
|
|
|
|
Raymond James Financial, Inc. |
|
267 |
|
31,543 |
|
|
|
|
Regions Financial Corp. |
|
1,590 |
|
34,900 |
|
|
|
|
Rocket Cos., Inc. |
|
3,251 |
|
22,432 |
|
|
|
|
S&P Global, Inc. |
|
602 |
|
193,393 |
|
|
|
|
State Street Corp. |
|
531 |
|
39,294 |
|
|
|
|
SVB Financial Group* |
|
90 |
|
20,786 |
|
|
|
|
Synchrony Financial |
|
91 |
|
3,236 |
|
|
|
|
T Rowe Price Group, Inc. |
|
312 |
|
33,122 |
|
|
|
|
The Charles Schwab Corp. |
|
2,826 |
|
225,147 |
|
|
|
|
The Travelers Cos., Inc. |
|
97 |
|
17,893 |
|
|
|
|
Truist Financial Corp. |
|
2,120 |
|
94,955 |
|
|
|
|
US Bancorp |
|
2,540 |
|
107,823 |
|
|
|
|
Wells Fargo & Co. |
|
4,827 |
|
221,994 |
|
|
|
|
Willis Towers Watson PLC |
|
136 |
|
29,677 |
|
|
|
|
|
|
|
|
3,700,445 |
|
|
|
|
|
|
|
|
|
|
|
15.71% |
|
HEALTHCARE |
|
|
|
|
|
|
|
|
Abbott Laboratories |
|
2,191 |
|
216,778 |
|
|
|
|
AbbVie, Inc. |
|
2,257 |
|
330,425 |
|
|
|
|
Agilent Technologies, Inc. |
|
223 |
|
30,852 |
|
|
|
|
Align Technology, Inc. |
|
90 |
|
17,487 |
|
|
|
|
AmerisourceBergen Corp. |
|
267 |
|
41,978 |
|
|
|
|
Amgen, Inc. |
|
699 |
|
188,975 |
|
|
|
|
AstraZeneca PLC |
|
756 |
|
44,460 |
|
|
|
|
Baxter International, Inc. |
|
87 |
|
4,728 |
|
|
|
|
Becton Dickinson and Co. |
|
312 |
|
73,623 |
|
|
|
|
Biogen, Inc.* |
|
65 |
|
18,424 |
|
|
|
|
Boston Scientific Corp.* |
|
1,634 |
|
70,442 |
|
|
|
|
Bristol-Myers Squibb Co. |
|
3,002 |
|
232,565 |
|
|
|
|
Cardinal Health, Inc. |
|
261 |
|
19,810 |
|
|
|
|
Catalent, Inc.* |
|
90 |
|
5,916 |
|
|
|
|
Centene Corp. |
|
484 |
|
41,203 |
|
|
|
|
Cigna Corp. |
|
527 |
|
170,253 |
|
|
|
|
The Cooper Cos., Inc. |
|
45 |
|
12,303 |
|
|
|
|
CVS Health Corp. |
|
1,551 |
|
146,880 |
|
6
QUARTERLY REPORT
American Conservative Values ETF
Schedule of Investments - continuedOctober 31, 2022 (unaudited)
|
|
|
Security Description |
|
Number of |
|
Fair |
|
|
|
|
Danaher Corp. |
|
1,009 |
|
$253,935 |
|
|
|
|
Dexcom, Inc.* |
|
360 |
|
43,481 |
|
|
|
|
Edwards Lifesciences Corp.* |
|
623 |
|
45,124 |
|
|
|
|
Elevance Health, Inc. |
|
223 |
|
121,930 |
|
|
|
|
Eli Lilly and Co. |
|
1,097 |
|
397,213 |
|
|
|
|
Embecta Corp.* |
|
61 |
|
1,886 |
|
|
|
|
Gilead Sciences, Inc. |
|
498 |
|
39,073 |
|
|
|
|
HCA Healthcare, Inc. |
|
130 |
|
28,271 |
|
|
|
|
Hologic, Inc.* |
|
133 |
|
9,017 |
|
|
|
|
Humana, Inc. |
|
29 |
|
16,184 |
|
|
|
|
IDEXX Laboratories, Inc.* |
|
47 |
|
16,905 |
|
|
|
|
Illumina, Inc.* |
|
178 |
|
40,730 |
|
|
|
|
Incyte Corp.* |
|
138 |
|
10,259 |
|
|
|
|
Intuitive Surgical, Inc.* |
|
411 |
|
101,299 |
|
|
|
|
IQVIA Holdings, Inc.* |
|
177 |
|
37,112 |
|
|
|
|
Laboratory Corporation of America* |
|
90 |
|
19,967 |
|
|
|
|
McKesson Corp. |
|
223 |
|
86,830 |
|
|
|
|
Medtronic PLC |
|
1,614 |
|
140,967 |
|
|
|
|
Merck & Co., Inc. |
|
3,313 |
|
335,276 |
|
|
|
|
Mettler-Toledo International, Inc.* |
|
1 |
|
1,265 |
|
|
|
|
Pfizer, Inc. |
|
6,868 |
|
319,705 |
|
|
|
|
Regeneron Pharmaceuticals, Inc.* |
|
138 |
|
103,327 |
|
|
|
|
ResMed, Inc. |
|
91 |
|
20,356 |
|
|
|
|
Stryker Corp. |
|
398 |
|
91,237 |
|
|
|
|
Thermo Fisher Scientific, Inc. |
|
479 |
|
246,192 |
|
|
|
|
UnitedHealth Group, Inc. |
|
1,097 |
|
609,000 |
|
|
|
|
Veeva Systems, Inc.* |
|
82 |
|
13,771 |
|
|
|
|
Vertex Pharmaceuticals, Inc.* |
|
485 |
|
151,320 |
|
|
|
|
West Pharmaceutical Services, Inc. |
|
45 |
|
10,354 |
|
|
|
|
Zimmer Biomet Holdings, Inc. |
|
143 |
|
16,209 |
|
|
|
|
Zimvie, Inc.* |
|
13 |
|
114 |
|
|
|
|
Zoetis, Inc. |
|
622 |
|
93,785 |
|
|
|
|
|
|
|
|
5,089,196 |
|
|
|
|
|
|
|
|
|
|
|
8.29% |
|
INDUSTRIALS |
|
|
|
|
|
|
|
|
3M Co. |
|
343 |
|
43,146 |
|
|
|
|
American Airlines Group, Inc.* |
|
2,298 |
|
32,586 |
|
|
|
|
AMETEK, Inc. |
|
175 |
|
22,690 |
|
7
QUARTERLY REPORT
American Conservative Values ETF
Schedule of Investments - continuedOctober 31, 2022 (unaudited)
|
|
|
Security Description |
|
Number of |
|
Fair |
|
|
|
|
The Boeing Co.* |
|
603 |
|
$85,934 |
|
|
|
|
Canadian Pacific Railway Ltd. |
|
130 |
|
9,684 |
|
|
|
|
Carrier Global Corp. |
|
487 |
|
19,363 |
|
|
|
|
Caterpillar, Inc. |
|
663 |
|
143,513 |
|
|
|
|
CH Robinson Worldwide, Inc. |
|
138 |
|
13,485 |
|
|
|
|
Cintas Corp. |
|
90 |
|
38,479 |
|
|
|
|
Copart, Inc.* |
|
263 |
|
30,250 |
|
|
|
|
CSX Corp. |
|
2,648 |
|
76,951 |
|
|
|
|
Cummins, Inc. |
|
223 |
|
54,526 |
|
|
|
|
Deere & Co. |
|
354 |
|
140,120 |
|
|
|
|
Eaton Corp. PLC |
|
488 |
|
73,234 |
|
|
|
|
Emerson Electric Co. |
|
794 |
|
68,760 |
|
|
|
|
Equifax, Inc. |
|
134 |
|
22,718 |
|
|
|
|
Expeditors International of Washington, Inc. |
|
180 |
|
17,613 |
|
|
|
|
Fastenal Co. |
|
666 |
|
32,188 |
|
|
|
|
FedEx Corp. |
|
267 |
|
42,795 |
|
|
|
|
Fortive Corp. |
|
314 |
|
20,065 |
|
|
|
|
General Dynamics Corp. |
|
127 |
|
31,725 |
|
|
|
|
General Electric Co. |
|
1,235 |
|
96,095 |
|
|
|
|
Honeywell International, Inc. |
|
1,006 |
|
205,244 |
|
|
|
|
Illinois Tool Works, Inc. |
|
267 |
|
57,013 |
|
|
|
|
Ingersoll Rand, Inc. |
|
356 |
|
17,978 |
|
|
|
|
Jacobs Engineering Group, Inc. |
|
131 |
|
15,094 |
|
|
|
|
JB Hunt Transport Services, Inc. |
|
45 |
|
7,698 |
|
|
|
|
Johnson Controls International |
|
1,154 |
|
66,747 |
|
|
|
|
L3Harris Technologies, Inc. |
|
266 |
|
65,561 |
|
|
|
|
Lockheed Martin Corp. |
|
306 |
|
148,924 |
|
|
|
|
Norfolk Southern Corp. |
|
103 |
|
23,491 |
|
|
|
|
Northrop Grumman Corp. |
|
179 |
|
98,273 |
|
|
|
|
Old Dominion Freight Line, Inc. |
|
91 |
|
24,989 |
|
|
|
|
Otis Worldwide Corp. |
|
262 |
|
18,508 |
|
|
|
|
PACCAR, Inc. |
|
400 |
|
38,732 |
|
|
|
|
Parker-Hannifin Corp. |
|
135 |
|
39,234 |
|
|
|
|
Quanta Services, Inc. |
|
45 |
|
6,392 |
|
|
|
|
Raytheon Technologies Corp. |
|
1,768 |
|
167,642 |
|
|
|
|
Republic Services, Inc. |
|
136 |
|
18,036 |
|
|
|
|
Rockwell Automation, Inc. |
|
45 |
|
11,489 |
|
|
|
|
Southwest Airlines Co.* |
|
886 |
|
32,206 |
|
8
QUARTERLY REPORT
American Conservative Values ETF
Schedule of Investments - continuedOctober 31, 2022 (unaudited)
|
|
|
Security Description |
|
Number of |
|
Fair |
|
|
|
|
Stanley Black & Decker, Inc. |
|
178 |
|
$13,971 |
|
|
|
|
Trane Technologies PLC |
|
220 |
|
35,119 |
|
|
|
|
TransDigm Group, Inc. |
|
45 |
|
25,909 |
|
|
|
|
Union Pacific Corp. |
|
789 |
|
155,543 |
|
|
|
|
United Airlines Holdings, Inc.* |
|
310 |
|
13,355 |
|
|
|
|
United Parcel Service, Inc. |
|
786 |
|
131,867 |
|
|
|
|
Westinghouse Air Brake |
|
175 |
|
16,324 |
|
|
|
|
Waste Management, Inc. |
|
490 |
|
77,601 |
|
|
|
|
WW Grainger, Inc.* |
|
45 |
|
26,296 |
|
|
|
|
Xylem, Inc. |
|
91 |
|
9,321 |
|
|
|
|
|
|
|
|
2,684,477 |
|
|
|
|
|
|
|
|
|
|
|
11.80% |
|
INFORMATION TECHNOLOGY |
|
|
|
|
|
|
|
|
Advanced Micro Devices, Inc. |
|
2,936 |
|
176,336 |
|
|
|
|
Amphenol Corp. |
|
704 |
|
53,384 |
|
|
|
|
Analog Devices, Inc. |
|
441 |
|
62,895 |
|
|
|
|
Applied Materials, Inc. |
|
1,428 |
|
126,078 |
|
|
|
|
Arista Networks, Inc. |
|
1,408 |
|
170,171 |
|
|
|
|
Broadcom, Inc. |
|
439 |
|
206,383 |
|
|
|
|
CDW Corp./DE |
|
136 |
|
23,502 |
|
|
|
|
Cisco Systems, Inc. |
|
25,844 |
|
1,174,093 |
|
|
|
|
Corning, Inc. |
|
844 |
|
27,151 |
|
|
|
|
Hewlett Packard Enterprise Co. |
|
1,507 |
|
21,505 |
|
|
|
|
HP, Inc. |
|
2,062 |
|
56,952 |
|
|
|
|
Intel Corp. |
|
4,833 |
|
137,402 |
|
|
|
|
Keysight Technologies, Inc.* |
|
178 |
|
30,999 |
|
|
|
|
KLA Corp. |
|
136 |
|
43,037 |
|
|
|
|
Lam Research Corp. |
|
178 |
|
72,051 |
|
|
|
|
Microchip Technology, Inc. |
|
444 |
|
27,413 |
|
|
|
|
Micron Technology, Inc. |
|
1,576 |
|
85,262 |
|
|
|
|
Motorola Solutions, Inc. |
|
181 |
|
45,198 |
|
|
|
|
NVIDIA Corp. |
|
3,785 |
|
510,861 |
|
|
|
|
QUALCOMM, Inc. |
|
1,617 |
|
190,256 |
|
|
|
|
Roper Technologies Inc. |
|
137 |
|
56,792 |
|
|
|
|
Seagate Technology Holdings PL |
|
215 |
|
10,677 |
|
|
|
|
ServiceNow, Inc.* |
|
323 |
|
135,899 |
|
|
|
|
Skyworks Solutions, Inc. |
|
136 |
|
11,697 |
|
|
|
|
TE Connectivity Ltd. |
|
446 |
|
54,515 |
|
9
QUARTERLY REPORT
American Conservative Values ETF
Schedule of Investments - continuedOctober 31, 2022 (unaudited)
|
|
|
Security Description |
|
Number of |
|
Fair |
|
|
|
|
Texas Instruments, Inc. |
|
1,353 |
|
$217,332 |
|
|
|
|
Zebra Technologies Corp.* |
|
261 |
|
73,920 |
|
|
|
|
Zoom Video Communications, Inc.* |
|
251 |
|
20,943 |
|
|
|
|
|
|
|
|
3,822,704 |
|
|
|
|
|
|
|
|
|
|
|
2.56% |
|
MATERIALS |
|
|
|
|
|
|
|
|
Air Products and Chemicals, Inc. |
|
270 |
|
67,608 |
|
|
|
|
Albemarle Corp. |
|
45 |
|
12,594 |
|
|
|
|
Amcor PLC |
|
1,992 |
|
23,067 |
|
|
|
|
Ball Corp. |
|
444 |
|
21,929 |
|
|
|
|
Celanese Corp. |
|
46 |
|
4,422 |
|
|
|
|
Corteva, Inc. |
|
888 |
|
58,022 |
|
|
|
|
Dow, Inc. |
|
351 |
|
16,406 |
|
|
|
|
DuPont de Nemours, Inc. |
|
292 |
|
16,702 |
|
|
|
|
Ecolab, Inc. |
|
314 |
|
49,320 |
|
|
|
|
FMC Corp. |
|
46 |
|
5,469 |
|
|
|
|
Freeport-McMoRan, Inc. |
|
2,125 |
|
67,341 |
|
|
|
|
International Flavors & Fragrances, Inc. |
|
89 |
|
8,687 |
|
|
|
|
International Paper Co. |
|
621 |
|
20,872 |
|
|
|
|
Linde PLC |
|
749 |
|
222,715 |
|
|
|
|
LyondellBasell Industries NV |
|
263 |
|
20,106 |
|
|
|
|
The Mosaic Co. |
|
353 |
|
18,974 |
|
|
|
|
Newmont Corp. |
|
840 |
|
35,549 |
|
|
|
|
Nucor Corp. |
|
306 |
|
40,202 |
|
|
|
|
Packaging Corp. of America |
|
91 |
|
10,939 |
|
|
|
|
PPG Industries, Inc. |
|
267 |
|
30,486 |
|
|
|
|
The Sherwin-Williams Co. |
|
268 |
|
60,308 |
|
|
|
|
Sylvamo Corp.* |
|
53 |
|
2,553 |
|
|
|
|
Vulcan Materials Co. |
|
45 |
|
7,366 |
|
|
|
|
Westrock Co. |
|
223 |
|
7,595 |
|
|
|
|
|
|
|
|
829,232 |
|
|
|
|
|
|
|
|
|
|
|
2.11% |
|
REAL ESTATE |
|
|
|
|
|
|
|
|
Alexandria Real Estate Equities |
|
91 |
|
13,222 |
|
|
|
|
American Tower Corp. |
|
487 |
|
100,902 |
|
|
|
|
AvalonBay Communities, Inc. |
|
136 |
|
23,816 |
|
|
|
|
CBRE Group, Inc.* |
|
531 |
|
37,669 |
|
|
|
|
Crown Castle International Corp. |
|
490 |
|
65,297 |
|
10
QUARTERLY REPORT
American Conservative Values ETF
Schedule of Investments - continuedOctober 31, 2022 (unaudited)
|
|
|
Security Description |
|
Number of |
|
Fair |
|
|
|
|
Digital Realty Trust, Inc. |
|
311 |
|
$31,178 |
|
|
|
|
Equinix, Inc. |
|
137 |
|
77,602 |
|
|
|
|
Equity Residential |
|
400 |
|
25,208 |
|
|
|
|
Extra Space Storage, Inc. |
|
46 |
|
8,162 |
|
|
|
|
Host Hotels & Resorts, Inc. |
|
524 |
|
9,893 |
|
|
|
|
Mid-America Apartment Communities |
|
46 |
|
7,243 |
|
|
|
|
Orion Office Reit, Inc.* |
|
16 |
|
150 |
|
|
|
|
Prologis, Inc. |
|
971 |
|
107,538 |
|
|
|
|
Public Storage |
|
222 |
|
68,765 |
|
|
|
|
Realty Income Corp. |
|
209 |
|
13,014 |
|
|
|
|
SBA Communications Corp. |
|
37 |
|
9,986 |
|
|
|
|
Simon Property Group, Inc. |
|
219 |
|
23,867 |
|
|
|
|
Ventas, Inc. |
|
261 |
|
10,213 |
|
|
|
|
Welltower, Inc. |
|
444 |
|
27,102 |
|
|
|
|
Weyerhaeuser Co. |
|
705 |
|
21,806 |
|
|
|
|
|
|
|
|
682,633 |
|
|
|
|
|
|
|
|
|
|
|
15.60% |
|
SOFTWARE & SERVICES |
|
|
|
|
|
|
|
|
Accenture PLC |
|
1,186 |
|
336,705 |
|
|
|
|
Adobe, Inc.* |
|
1,361 |
|
433,478 |
|
|
|
|
ANSYS, Inc.* |
|
90 |
|
19,904 |
|
|
|
|
Autodesk, Inc.** |
|
482 |
|
103,293 |
|
|
|
|
Automatic Data Processing, Inc. |
|
622 |
|
150,337 |
|
|
|
|
Broadridge Financial Solutions |
|
135 |
|
20,258 |
|
|
|
|
Cadence Design Systems, Inc.* |
|
752 |
|
113,845 |
|
|
|
|
Cloudflare, Inc.* |
|
232 |
|
13,066 |
|
|
|
|
Cognizant Technology Solutions |
|
751 |
|
46,750 |
|
|
|
|
Fidelity National Information |
|
749 |
|
62,160 |
|
|
|
|
Fiserv, Inc.* |
|
667 |
|
68,528 |
|
|
|
|
Fortinet, Inc.* |
|
875 |
|
50,015 |
|
|
|
|
Gartner, Inc.* |
|
176 |
|
53,138 |
|
|
|
|
Global Payments, Inc. |
|
314 |
|
35,878 |
|
|
|
|
International Business Machine |
|
215 |
|
29,732 |
|
|
|
|
Intuit, Inc. |
|
487 |
|
208,193 |
|
|
|
|
Mastercard, Inc. |
|
2,446 |
|
802,728 |
|
|
|
|
Microsoft Corp. |
|
8,568 |
|
1,988,890 |
|
|
|
|
Oracle Corp. |
|
2,343 |
|
182,918 |
|
|
|
|
Paychex, Inc. |
|
444 |
|
52,530 |
|
11
QUARTERLY REPORT
American Conservative Values ETF
Schedule of Investments - continuedOctober 31, 2022 (unaudited)
|
|
|
Security Description |
|
Number of |
|
Fair |
|
|
|
|
Paycom Software, Inc.* |
|
45 |
|
$15,570 |
|
|
|
|
Synopsys, Inc.* |
|
224 |
|
65,531 |
|
|
|
|
Tyler Technologies, Inc.* |
|
40 |
|
12,933 |
|
|
|
|
VeriSign, Inc.* |
|
944 |
|
189,234 |
|
|
|
|
|
|
|
|
5,055,614 |
|
|
|
|
|
|
|
|
|
|
|
2.32% |
|
UTILITIES |
|
|
|
|
|
|
|
|
The AES Corp. |
|
261 |
|
6,828 |
|
|
|
|
Ameren Corp. |
|
33 |
|
2,690 |
|
|
|
|
American Electric Power Co., Inc. |
|
186 |
|
16,353 |
|
|
|
|
American Water Works Co., Inc. |
|
91 |
|
13,226 |
|
|
|
|
CenterPoint Energy, Inc. |
|
442 |
|
12,646 |
|
|
|
|
Consolidated Edison, Inc. |
|
43 |
|
3,782 |
|
|
|
|
Constellation Energy Corp. |
|
179 |
|
16,923 |
|
|
|
|
Dominion Energy, Inc. |
|
245 |
|
17,143 |
|
|
|
|
DTE Energy Co. |
|
182 |
|
20,404 |
|
|
|
|
Duke Energy Corp. |
|
561 |
|
52,274 |
|
|
|
|
Edison International |
|
345 |
|
20,714 |
|
|
|
|
Eversource Energy |
|
355 |
|
27,079 |
|
|
|
|
Exelon Corp. |
|
420 |
|
16,208 |
|
|
|
|
FirstEnergy Corp. |
|
578 |
|
21,796 |
|
|
|
|
NextEra Energy, Inc. |
|
4,059 |
|
314,573 |
|
|
|
|
Public Service Enterprise Group |
|
487 |
|
27,306 |
|
|
|
|
Sempra Energy |
|
103 |
|
15,547 |
|
|
|
|
The Southern Co. |
|
1,323 |
|
86,630 |
|
|
|
|
WEC Energy Group, Inc. |
|
270 |
|
24,659 |
|
|
|
|
Xcel Energy, Inc. |
|
532 |
|
34,639 |
|
|
|
|
|
|
|
|
751,420 |
|
|
|
|
|
|
|
|
|
|
|
99.72% |
|
TOTAL COMMON STOCKS |
|
32,307,611 |
|
||
|
|
|
|
|
|
|
|
|
|
99.72% |
|
TOTAL INVESTMENTS |
|
32,307,611 |
|
||
|
0.28% |
|
Other assets, net of liabilities |
|
89,733 |
|
||
|
100.00% |
|
NET ASSETS |
|
$32,397,344 |
|
||
*Non-income producing
12
QUARTERLY REPORT
American Conservative Values ETF
Schedule of Investments - continuedOctober 31, 2022 (unaudited)
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.
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 |
|
Total |
|
|
Common Stock |
|
$32,307,611 |
|
$— |
|
$— |
|
$32,307,611 |
|
|
Total Investments |
|
$32,307,611 |
|
$— |
|
$— |
|
$32,307,611 |
|
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 $33,834,290 and the related tax-based net unrealized appreciation (depreciation) consists of:
|
|
Gross unrealized appreciation |
|
$2,522,661 |
|
|
|
Gross unrealized depreciation |
|
(4,049,340 |
) |
|
|
Net unrealized appreciation |
|
$(1,526,679 |
) |