1
QUARTERLY REPORT
HEDGEYE CAPITAL ALLOCATION ETF
Schedule of InvestmentsJuly 31, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
82.12% |
|
EXCHANGE TRADED FUNDS |
|
|
|
|
|
|
1.80% |
|
COMMODITIES FUNDS |
|
|
|
|
|
|
|
|
Harbor Commodity All Weather Strategy ETF |
|
160,368 |
|
$5,155,831 |
|
|
|
|
|
|
|
|
|
|
|
47.47% |
|
DEVELOPED ECONOMIES |
|
|
|
|
|
|
|
|
Avantis U.S. Small Cap Value ETF |
|
119,067 |
|
14,916,714 |
|
|
|
|
Avantis US Large Cap Value ETF |
|
152,486 |
|
14,053,110 |
|
|
|
|
Fidelity Enhanced Mid Cap Core ETF |
|
448,298 |
|
18,429,531 |
|
|
|
|
Franklin International Low Volatility High Dividend Index ETF |
|
463,379 |
|
19,795,551 |
|
|
|
|
iShares Core High Dividend ETF |
|
529,702 |
|
15,218,338 |
|
|
|
|
iShares MSCI Europe Financials ETF |
|
151,121 |
|
6,298,723 |
|
|
|
|
iShares Russell Top 200 Value ETF |
|
155,131 |
|
17,100,090 |
|
|
|
|
State Street SPDR Portfolio S&P 500 High Dividend ETF |
|
209,766 |
|
10,383,417 |
|
|
|
|
VictoryShares Free Cash Flow ETF |
|
399,620 |
|
19,877,099 |
|
|
|
|
|
|
|
|
136,072,573 |
|
|
|
|
|
|
|
|
|
|
|
4.01% |
|
EMERGING MARKETS |
|
|
|
|
|
|
|
|
iShares MSCI EAFE Min Vol Factor ETF |
|
123,611 |
|
11,488,406 |
|
|
|
|
|
|
|
|
|
|
|
8.05% |
|
FIXED INCOME FUNDS |
|
|
|
|
|
|
|
|
AAA CLO ETF |
|
457,017 |
|
23,079,358 |
|
|
|
|
|
|
|
|
|
|
|
20.79% |
|
SECTOR FUNDS |
|
|
|
|
|
|
|
|
Financial Select Sector SPDR Fund |
|
186,354 |
|
10,610,997 |
|
|
|
|
iShares Core U.S. REIT ETF |
|
99,792 |
|
6,774,879 |
|
|
|
|
iShares Global REIT ETF |
|
406,565 |
|
11,538,315 |
|
|
|
|
iShares U.S. Healthcare Providers ETF |
|
100,776 |
|
5,681,751 |
|
|
|
|
iShares U.S. Medical Devices ETF |
|
115,763 |
|
6,078,715 |
|
|
|
|
VanEck Oil Refiners ETF |
|
197,574 |
|
10,913,988 |
|
|
|
|
VanEck Steel ETF |
|
75,667 |
|
7,981,355 |
|
|
|
|
|
|
|
|
59,580,000 |
|
|
|
|
|
|
|
|
|
|
2
QUARTERLY REPORT
HEDGEYE CAPITAL ALLOCATION ETF
Schedule of Investments - continuedJuly 31, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
82.12% |
|
TOTAL EXCHANGE TRADED FUNDS |
|
$235,376,168 |
|
||
|
|
|
(Cost: $230,639,184) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21.60% |
|
MONEY MARKET FUND |
|
|
|
|
|
|
|
|
First American Money Market Funds 3.583%(A) |
|
61,924,226 |
|
61,924,226 |
|
|
|
|
(Cost: $61,924,226) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
103.72% |
|
TOTAL INVESTMENTS |
|
$297,300,394 |
|
||
|
|
|
(Cost: $292,563,410) |
|
|
|
|
|
|
(3.72% |
) |
Liabilities in excess of other assets |
|
(10,675,639 |
) |
||
|
100.00% |
|
NET ASSETS |
|
$286,624,755 |
|
||
(A)Effective 7 day yield as of July 31, 2026.
3
QUARTERLY REPORT
HEDGEYE CAPITAL ALLOCATION ETF
Schedule of Investments - continuedJuly 31, 2026 (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 summarizes the inputs used to value the Fund’s investments as of July 31, 2026:
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
|
|
|
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
|
Assets |
|
|
|
|
|
|
|
|
|
Exchange Traded Funds |
|
$235,376,168 |
|
$— |
|
$— |
|
$235,376,168 |
|
Money Market Fund |
|
61,924,226 |
|
— |
|
— |
|
61,924,226 |
|
|
|
$297,300,394 |
|
$— |
|
$— |
|
$297,300,394 |
The cost of investments for Federal income tax purposes has been estimated a/o July 31, 2026, since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purposes is $292,563,410, and the related net unrealized appreciation (depreciation) consists of:
|
|
Gross unrealized appreciation |
|
$4,975,141 |
|
|
|
Gross unrealized depreciation |
|
(238,157 |
) |
|
|
Net unrealized appreciation (depreciation) |
|
$4,736,984 |
|